Nigeria, April 28 -- The African Shipowners Association (ASA) has fully supported the decision to disburse the $700 million Cabotage Vessel Financing Fund (CVFF) through Nigerian banks at a single-digit interest rate, describing it as a crucial step toward ensuring transparency, professionalism, and stronger accountability in Nigeria's maritime sector.

Speaking ahead of the scheduled August 2025 disbursement by the Nigerian Maritime Administration and Safety Agency (NIMASA), Captain Ladi Olubowale, President of the ASA, emphasized that involving banks in the financing process aligns Nigeria with international best practices. Countries like Japan, China, and Indonesia, he noted, have long recognized the strategic importance of bank-led sh...