Nigerian Shipowners to Access $25M from $700M Cabotage Fund

The Nigerian Shipowners Association has announced that eligible shipowners in Nigeria will be able to access $25 million from the $700 million cabotage fund. The fund is aimed at supporting the maritime industry in the country.

The move is expected to boost the operations of shipowners and enhance the maritime sector's contribution to the Nigerian economy. The fund is part of efforts to promote indigenous participation in the maritime industry and reduce the dominance of foreign-owned vessels in Nigerian waters.

The Nigerian Shipowners Association plays a crucial role in advocating for the interests of local shipowners and promoting a sustainable maritime sector in Nigeria.