From Idu Jude, Abuja
The Nigerian Maritime Administration and Safety Agency (NIMASA) has committed to disbursing the long-delayed Cabotage Vessel Financing Fund (CVFF) by August, following a directive from the Minister of Marine and Blue Economy, Adegboyega Oyetola.
During an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration, NIMASA’s Director-General, Dr Dayo Mobereola, confirmed that the process is well advanced. He stated, “We are acting in accordance with the directive of the Honourable Minister to ensure indigenous shipowners finally have access to this critical funding.”
To manage the $700 million fund, NIMASA has increased the number of Primary Lending Institutions (PLIs) from five to twelve to enhance efficiency and transparency. The funding model requires NIMASA to contribute 50%, banks 35%, and shipowners 15% equity.
Mobereola said, “By involving the banks, we are ensuring financial discipline and sustainability, which are crucial for this fund to continue long-term.” He emphasised single-digit interest rates and 15–20-year loan tenures to support global competitiveness.
NIMASA is also collaborating with stakeholders like NNPC and NLNG to ensure cargo availability for Nigerian vessels. Mobereola noted, “We are creating a win-win scenario—access to finance and access to business.”
The House Committee’s Acting Chairman, Hon. Uduak Odudoh, praised NIMASA’s progress, stating, “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.”
The CVFF, established in 2003 to empower indigenous shipowners, has faced delays for over two decades. With Oyetola’s directive and NIMASA’s efforts, disbursement is now targeted for Q3 2025.