NIMASA Partners with Bank of Industry to Enhance Maritime Capacity Building and CVFF Disbursement
In a bid to boost capacity building in the Nigerian maritime sector, the Nigerian Maritime Administration and Safety Agency (NIMASA) has initiated a collaborative effort with the Bank of Industry (BoI) to facilitate the disbursement of the Cabotage Vessel Finance Fund (CVFF) and explore other areas of partnership.
The move is aimed at enhancing the growth and development of the maritime industry in Nigeria.
During a visit by the BoI management team, led by Executive Director of Large Enterprises, Mrs. Ifeoma Uz'Okpala, to NIMASA, the agency's Executive Director, Maritime Labour and Cabotage Services, Mr. Jibril Abba, represented the Director General, Dr. Dayo Mobereola, and discussed the potential partnership. The BoI has a proven track record of successful collaboration, having managed the Nigerian Content Intervention (NCI) Fund for the Nigerian Content Development & Monitoring Board (NCDMB) and disbursed over $350 million.
The partnership between NIMASA and BoI is expected to fast-track the disbursement of the CVFF, which has been a subject of discussion in recent times. NIMASA's mandate encompasses capacity development, safety, security, and maritime labor, with a focus on growing the sector.
The agency is committed to collaboration as a vital tool for achieving its mandate and actualizing the Federal Government's vision to reposition the maritime sector.
Mrs. Uz'Okpala, Executive Director of Large Enterprises at BoI, expressed the bank's readiness to support NIMASA, emphasizing the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria. As Nigeria's oldest and largest Development Finance Institution (DFI), BoI is well-positioned to support NIMASA's efforts to enhance maritime capacity building and CVFF disbursement.
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