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The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has tasked the Nigerian Maritime Administration and Safety Agency (NIMASA) to buckle up for the disbursement of the Cabotage Vessels Financing Fund (CVFF).
The minister gave the charge when he received the NIMASA team led by the agency’s director-genetal, Dr Dayo Mobereola in his office in Abuja recently.
According a statement issued by NIMASA after the visit on Monday, Edun emphasized that the CVFF disbursement remained a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
The CVFF was established by the Coastal and Inland Shipping Act, 2003 with aim of empowering eligible local shipowners to acquire vessels for cabotage trade. However, since it’s establishment, local shipowners have not been able to access the fund, as it remained undisbursed by the custodian agency, NIMASA, despite decades of calling for its disbursement by maritime stakeholders. The CVFF was reported to hold $350 million (N525 billion) as at February, 2025.
The minister reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the CVFF to indigenous shipowners to empower them to acquire vessels necessary to boost cabotage trade in Nigeria.
L-R: Director, Cabotage Services, Nigerian Maritime Administration and Safety Agency, NIMASA, Kabir Murnai; Coordinator Abuja Zonal Office, NIMASA; Moji Jimoh; Special Adviser to Minister; Hauwa Ibrahim; DG/CEO, NIMASA, Dr. Dayo Mobereola; Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Executive Director, Maritime Labour & Cabotage Services, NIMASA, Mr. Jibril Abba; Assistant Director, CVFF/Stakeholder engagement, NIMASA, Mojisola Akomolafe and Head, Financial Services of NIMASA Mr. Funmi Ogunsanwo, during the visit by the NIMASA team to the finance minister, in Abuja, recently.
The finance minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.
On his part, the NIMASA boss, Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.
“The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries. This administration is committed to unlocking the sector’s full potential,” Mobereola was quoted in the statement.
He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.
