Nigerian Government Launches Vessel Financing Fund at 6.5% Interest Rate

The Nigerian Federal Government has inaugurated a vessel financing fund portal to enable shipowners to access loans at a low interest rate of 6.5%. Adegboyega Oyetola, speaking at the event, emphasized the importance of the maritime sector in Nigeria's economic development.

The fund aims to address challenges in the maritime sector and promote indigenous ship ownership. The initiative is part of efforts to diversify and sustain economic growth, with a focus on unlocking the maritime sector's vast potential.