NIMASA’s Cabotage Fund Attracts Single Digit Interest Rate

[Shola Sholaz]

THE Nigerian Maritime Administration and Safety Agency (NIMASA) Cabotage Vessel Financing Fund (CVFF) is to attract a single digit interest rate.
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Disclosing this in Abuja earlier in the week, Transport Minister, Senator Idris Umar said that all was set for the disbursement of the fund adding that only six applicants are said to have successfully passed screening processes by both the banks and the ministry.
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The minister who spoke at the presentation of the mid-term achievement of the present administration also disclosed that the repayment time for the loan is seven years.
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Although,there has been some level of anxiety by stakeholders over the disbursement of the fund following the delay that has characterised the disbursement.