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NIMASA Set To Commence Disbursement Of N30.7bn Cabotage Fund

The Nigerian Maritime Administration and Safety Agency (NIMASA) has promised to disburse the $100m (N30.7bn Cabotage Vessel Financing Fund, The Punch reports

The Director-General of NIMASA, Dr. Dakuku Peterside, made the promise during a forum organised by the News Agency of Nigeria in Abuja. He said the fund came into being with the promulgation of the Coastal and Inland Shipping (Cabotage) Act 2003, adding that the fund was part of the two per cent deductions from every contract awarded in the industry. The fund is meant for capacity building of indigenous ship owners.

Peterside said, “We are looking at the regulations again. You will recall that there was a ship acquisition and ship building fund, which is a precursor to the Cabotage fund.’’ He also said that a national carrier was being developed with a view to boosting freight haulage and creating job opportunities.