…. 12 Banks to participate in exercise
By Diana Omueza
Abuja, April 23, 2025
The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced that it will commence the disbursement of the Cabotage Vessel Financing Fund (CVFF) by August 2025.
Dr Dayo Mobereola, the Director General of NIMASA, made the announcement on Wednesday in Abuja during an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration.
Mobereola said that the disbursement process had reached an advanced stage, with strict adherence to directives from Mr. Adegboyega Oyetola, the Minister of Marine and Blue Economy to accelerate the process.
“We are acting in accordance with the directive of the Minister to ensure indigenous shipowners finally have access to this critical funding.
“The guidelines have been streamlined based on the Minister’s approval, so beneficiaries can access the funds within three to four months.
“To effectively manage the 700 million dollars intervention fund, Mobereola revealed that the number of Primary Lending Institutions (PLIs) involved had been expanded from five to twelve.
“These banks will be instrumental in risk assessment, ensuring only credible and financially capable shipping firms benefit from the fund.
“The funding model will see banks contribute 35 per cent, NIMASA 50%, and the remaining 15 per cent 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,” he added.
Mobereola also highlighted that NIMASA’s insistence on single-digit interest rates and long loan tenures of 15 to 20 years would enable indigenous shipowners to compete globally without undue financial pressure.
He said in addition to funding, NIMASA was collaborating with key cargo-generating stakeholders like NNPCL, NLNG, and exporters to ensure cargo availability for Nigerian-owned vessels, creating a win-win situation for both access to finance and business opportunities.
Mr. Uduak Odudoh, Acting Chairman of the House Committee, expressed satisfaction with the Ministry and NIMASA’s efforts, particularly noting the reduction in maritime crime.
He pledged the committee’s support to NIMASA and the ministry to ensure the success of their initiatives and the broader goals of the Blue Economy.
Odudoh emphasised that the CVFF, established more than two decades ago, had faced repeated delays.
However, he noted that with Oyetola’s clear directive and NIMASA’s accelerated actions, shipowners now had renewed hope for meaningful support by the third quarter of 2025.
