Samson EchenimAhead of the disbursement of the Cabotage Vessels Financing Fund (CVFF), the Nigerian Maritime Administration and Safety Agency (NIMASA) has said that shipowners will contribute 15% as equity to access the fund which currently stands at $700 million.
While receiving members of the House of Representatives Committee on Maritime Safety, Education and Administration, the Director-General of NIMASA, Dr Dayo Mobereola disclosed that the agency had appointed 12 primary lending institutions (PLIs), which would play key roles in risk assessment, ensuring that only credible, financially capable shipping firms benefit from the cabotage fund.
He reiterated that the CVFF would be disbursed to Nigerian shipowners this year, without any further delay, as directed by the Minister of Marine and Blue Economy, Adegboyega Oyetola.
According to the agency, the funding model will see banks contribute 35%, NIMASA 50%, and the remaining 15% as equity from the shipowners themselves.
“We are acting in accordance with the directive of the Honourable 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 this year,” Mobereola told the lawmakers.
L-R: Deputy Chairman, House Committee on Maritime Safety, Education and Administration, Hon. Uduak Odudoh; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Dayo Mobereola; House Committee Member, Hon. Paul Ekpo; Executive Director Operations, NIMASA, Engr. Fatai Taiye Adeyemi and Executive Director, Maritime Labour and Cabotage Services, NIMASA, Jibril Abba during an oversight visit by members of the House Committee at the NIMASA headquarters in Lagos.
“By involving the banks, we are ensuring financial discipline and sustainability, which are crucial for this fund to continue long-term. We are creating a win-win scenario—access to finance and access to business,” Mobereola said.
In their response, members of the House of Representatives Committee on Maritime Safety, Education and Administration, pledged full support for the directive issued by the Minister of Marine and Blue Economy, Adegboyega Oyetola, to NIMASA to expedite the disbursement of the CVFF.
Speaking during the oversight visit to NIMASA, the Acting Chairman of the Committee, Hon. Uduak Alphonsus Odudoh, expressed satisfaction with the NIMASA’s progress and commended the leadership of Director General Dr. Dayo Mobereola for ongoing reforms that are repositioning Nigeria’s maritime industry for global relevance.
“I want to commend NIMASA and the Federal Ministry of Marine and Blue Economy for steps taken to disburse the CVFF which has been a challenge for over 20 years. This will translate to job creation for the maritime sector in Nigeria. The DG and his team have succeeded in maintaining no piracy in Nigerian waters and this translates to better image for Nigeria,” Odudoh noted.
He emphasised that the House of Representatives is supporting Nigeria’s quest to seek election into category C at the International Maritime Organization, noting that NIMASA’s success in domesticating a record 56 conventions in one fell swoop was a big feat for the country’s maritime experience.
“The global maritime community will see us as a serious maritime nation. we are committed to work, collaborate with NIMASA, collaborate with the Ministry of Marine and Blue Economy, for the success of this present government and the success of Nigeria.” the lawmaker added.
Earlier, the. NIMASA boss, Dr. Mobereola, welcomed the delegation and expressed appreciation for the cordial relationship that exists between the Agency and the House Committee. He lauded the Committee’s role in shaping governance and policy direction for the maritime sector, noting that such oversight and support are crucial to the agency’s continued success.
The Economy
Olu Jones