- Director-General, Nigerian Maritime Administration and Safety Agency, Dr. Dayo Mobereola
By Anthony Nwachukwu
The Nigerian Maritime Administration and Safety Agency (NIMASA) has assured commencement of the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) by August 2025.
NIMASA Director-General, Dr. Dayo Mobereola, gave this commitment Wednesday in Lagos during an oversight visit by the House of Representatives Committee on Maritime Safety, Education and Administration.
The commitment followed the directive from the Minister of Marine and Blue Economy, Adegboyega Oyetola. The CVFF was established over two decades ago to empower indigenous shipowners.
Mobereola confirmed that the process has reached an advanced stage, in strict compliance with the minister’s order to accelerate disbursement. He stated that the agency is “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.”
Meanwhile, to manage the $700 million intervention fund efficiently, NIMASA has expanded from five to 12 the number of Primary Lending Institutions (PLIs), which 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 per cent, NIMASA 50 per cent, and the remaining 15 per cent as equity from the shipowners themselves. Mobereola explained that by involving the banks, the agency is “ensuring financial discipline and sustainability, which are crucial for this fund to continue long-term.”
Mobereola also emphasised the agency’s insistence on single-digit interest rates and long-term loan tenures of 15 to 20 years to enable indigenous shipowners 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, he disclosed. He added: “We are creating a win-win scenario – access to finance and access to business.”
Meanwhile, Ag Chairman of the House Committee, Uduak Odudoh has commended NIMASA’s performance and innovation under Mobereola, stating that the reduction in maritime crime and the Mobereola’s presentation gave them confidence in NIMASA’s direction
“We will continue to work with the agency and the ministry to ensure the success of this initiative and broader goals of the Blue Economy,” he assured.
