The Director General of Nigeria Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, as assured that the much awaited disbursement of the Cargo Vessel Financing Fund (CVFF) will begin this year.
Speaking while welcoming the House of Representatives Committee on Maritime Safety, Education and Administration, Dr. Mobereola stated
that the Minister’s directive on the CVFF disbursement is a fait accompli, assuring that beneficiaries will access the funds this year.
His words: “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.”
He disclosed that to manage the $700 million intervention fund efficiently, NIMASA has expanded the number of Primary Lending Institutions (PLIs) from five to twelve.
According to DG, these banks will play a key role in risk assessment, ensuring that only credible, financially capable shipping firms benefit from the revolving fund.
He emphasized that the funding model will see banks contribute 35%, NIMASA 50%, and the remaining 15% as equity from the shipowners themselves.
The NIMASA boss explained that banks are being involved in order to ensure 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 noted.
In his speech, the Acting Chairman of the Committee, Hon. Uduak Alphonsus Odudoh,
commended the Director General for ongoing reforms that are repositioning Nigeria’s maritime industry for global relevance.
The Chairman on behalf of the committee also pledged full support for the directive issued by the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, for NIMASA to expedite the disbursement of the Cabotage Vessel Financing Fund (CVFF).
He expressed satisfaction with the Agency’s progress and commended the leadership of Director General Dr. Dayo Mobereola.
“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. We are supporting Nigeria’s quest to seek election into category C at the IMO and hopefully we will win. The DG told us that NIMASA is domesticating a record 56 conventions in one fell, swoop. This is fantastic. 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 law maker declared.