The House of Representatives has thrown its full weight behind the Ministry of Marine and Blue Economy in the drive to expedite the disbursement of the Cabotage Vessel Financing Fund (CVFF), a development expected to revitalize Nigeria’s maritime sector and boost indigenous shipping capacity.
During an oversight visit to the Nigerian Maritime Administration and Safety Agency (NIMASA), the Acting Chairman of the House Committee on Maritime Safety, Education and Administration, Hon. Uduak Alphonsus Odudoh, commended the Agency and its leadership for progress made in implementing reforms and aligning with international maritime standards.
Odudoh hailed the directive of the Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, to disburse the long-delayed CVFF, describing the move as a breakthrough that could generate employment and improve Nigeria’s standing in the global maritime space.
“This will translate to job creation for the maritime sector in Nigeria. The DG and his team have succeeded in maintaining zero piracy in Nigerian waters, which greatly enhances our international image,” Odudoh said. “We are committed to working with NIMASA and the Ministry to ensure the success of this administration and Nigeria’s maritime goals.”
The Director General of NIMASA, Dr. Dayo Mobereola, in his address, assured lawmakers that the agency is set to disburse the CVFF within the year, following the Minister’s directive. He confirmed that guidelines for disbursement have been streamlined and approved, making the fund more accessible to indigenous shipowners.
“We are acting in accordance with the Honourable Minister’s directive to ensure indigenous shipowners finally access this critical funding. Disbursement will happen this year,” Mobereola stated.
He added that NIMASA has increased the number of Primary Lending Institutions (PLIs) from five to twelve to ensure proper risk assessment and effective management of the $700 million fund. The funding structure will see banks contribute 35%, NIMASA 50%, and shipowners 15% as equity.
“This model ensures sustainability, financial discipline, and accountability. We are creating a win-win scenario—access to finance and access to business,” Mobereola added.
The House Committee also applauded NIMASA’s effort in domesticating 56 maritime conventions, positioning Nigeria as a serious player in global maritime affairs. The lawmakers pledged support for Nigeria’s bid for Category C membership of the International Maritime Organization (IMO).
