In response to a firm directive from Adegboyega Oyetola, the Minister of Marine and Blue Economy, the Nigerian Maritime Administration and Safety Agency (NIMASA) has pledged to commence the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF) by August 2025.
Dayo Mobereola, director general of NIMASA made this commitment during an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration on recently.
Mobereola confirmed that the process has reached an advanced stage, in strict compliance with the Minister’s order to accelerate disbursement.
“We are acting by the directive of the honourable minister to ensure indigenous shipowners finally have access to this critical funding,” Mobereola stated. “The guidelines have been streamlined based on the Minister’s approval, so beneficiaries can access the funds within three to four months.”
To manage the $700 million intervention fund efficiently, NIMASA has expanded the number of Primary Lending Institutions (PLIs) from five to twelve. These banks will play a key role in risk assessment, ensuring that only credible, financially capable shipping firms benefit from the revolving fund.
The funding model will see banks contribute 35 percent, NIMASA 50 percent, and the remaining 15 percent as equity from the shipowners themselves.
“By involving the banks, we are ensuring financial discipline and sustainability, which are crucial for this fund to continue long-term,” the DG explained.
Mobereola also emphasized the agency’s insistence on single-digit interest rates and long-term loan tenures 15 to 20 years to enable indigenous shipowners to compete globally without undue financial pressure.
In addition to funding access, NIMASA is working alongside key cargo-generating stakeholders like NNPC, NLNG, and exporters to guarantee cargo availability for Nigerian-owned vessels.
“We are creating a win-win scenario access to finance and access to business,” Mobereola said.
The commitment by NIMASA drew commendation from Uduak Odudoh, Acting Chairman, the House Committee, expressing satisfaction with the agency’s performance and innovation under Mobereola’s leadership.
“What we have seen today, especially with the clear reduction in maritime crime and the DG’s presentation, gives us confidence in NIMASA’s direction,” Odudoh said. “We will continue to work with the agency and the Ministry to ensure the success of this initiative and the broader goals of the Blue Economy.”
The CVFF, established over two decades ago to empower indigenous shipowners, has seen repeated delays. However, with minister Oyetola’s clear directive and NIMASA’s accelerated compliance, shipowners now have renewed hope for meaningful support by the third quarter of 2025.
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