By Aisha Cole
Lagos, April 7, 2026
The Nigerian Maritime Administration and Safety Agency (NIMASA) says it has received over 60 applications since launching the Cabotage Vessel Financing Fund (CVFF) in January.
The agency disclosed this in a statement issued by its Head of Public Relations, Mr Edward Osagie, on Tuesday in Lagos.
Director-General, Dr Dayo Mobereola, assured that the CVFF disbursement process would be transparent and strictly monitored.
Mobereola said this followed a sectoral meeting with the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, and the signing of performance bonds by agencies.
He reaffirmed NIMASA’s commitment to accountability, improved performance, and sustained maritime sector growth through its 2026 Sectoral Performance Bond.
“The performance bond is a key governance instrument for tracking deliverables, strengthening accountability, and aligning operations with national priorities,” Mobereola said.
He added that ongoing reforms were driven by purposeful leadership and ministerial support, noting alignment with President Bola Tinubu’s Renewed Hope Agenda.
On maritime security, Mobereola said Nigeria recorded zero piracy incidents in territorial waters over the past four years.
He attributed the achievement to enhanced surveillance systems and improved inter-agency collaboration.
Mobereola said NIMASA was at an advanced stage of automating ship registry processes to improve efficiency, reduce delays, and boost global competitiveness.
He noted that Nigeria had deposited three conventions with the International Maritime Organization, with three others awaiting Federal Executive Council approval.
According to him, Nigeria’s election into Category C of the IMO Council in November 2025 restored its voice in global maritime governance.
In his remarks, Oyetola reiterated the Federal Government’s commitment to using the maritime sector to drive economic diversification, job creation, and foreign exchange earnings.
“The performance bonds are binding commitments that will be closely monitored. Accountability is not optional,” Oyetola said.
