Listen to story here
The Nigerian Maritime Administration and Safety Agency has confirmed that over 60 applications have been received for the Cabotage Vessel Financing Fund (CVFF), as the Agency moves closer to the long-anticipated disbursement phase.
Director-General of NIMASA, Dayo Mobereola, disclosed this development during the signing of the Agency’s 2026 Sectoral Performance Bond, describing it as a significant milestone in efforts to unlock financing for indigenous shipowners and stimulate growth in Nigeria’s maritime industry.
Mobereola assured stakeholders that the disbursement process would be conducted with strict adherence to transparency, due diligence, and regulatory compliance, noting that the Agency is determined to ensure that only qualified applicants benefit from the intervention fund.
The CVFF, a critical component of Nigeria’s cabotage policy, is designed to provide financial support to local operators for vessel acquisition, thereby enhancing indigenous participation in coastal and inland shipping.
He noted that the Agency has put in place robust monitoring and evaluation mechanisms to track the utilization of funds and ensure that beneficiaries deploy the resources strictly for intended maritime purposes.
The CVFF update formed part of broader disclosures at the performance bond signing ceremony, which was overseen by the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola.
Beyond the CVFF, Mobereola highlighted key achievements by the Agency, including sustained zero piracy incidents in Nigeria’s territorial waters over the past four years, improved maritime surveillance, and ongoing automation of ship registry processes to enhance efficiency and global competitiveness.
He also noted Nigeria’s strengthened presence in international maritime governance, following its election into Category C of the International Maritime Organization Council in 2025, a development expected to amplify the country’s voice in global shipping affairs.
Mobereola further revealed that the Agency is at an advanced stage of automating its ship registry processes, a move expected to improve efficiency, reduce delays, and boost Nigeria’s competitiveness in global maritime business.
