Lagos – April 25, 2025
The House of Representatives Committee on Maritime Safety, Education, and Administration has expressed strong support for the disbursement of the Cabotage Vessel Financing Fund (CVFF), describing it as a vital step toward job creation and growth in Nigeria’s maritime sector.
During an oversight visit to the Nigerian Maritime Administration and Safety Agency (NIMASA) headquarters in Lagos, Uduak Odudoh, acting chairman of the committee, praised recent reforms and pledged legislative backing for the initiative.
“I commend NIMASA and the Federal Ministry of Marine and Blue Economy for the renewed efforts to disburse the CVFF, a move that has been delayed for over two decades,” Odudoh said. “This will translate to massive job creation in the maritime industry and help reposition Nigeria’s maritime operations globally.”
The renewed push to disburse the fund follows an April 15 directive by the Minister of Marine and Blue Economy, Adegboyega Oyetola, instructing NIMASA to begin the long-awaited process. The minister described the move as a “strategic shift” to end years of stagnation and empower indigenous shipowners.
NIMASA’s Director-General, Dr. Dayo Mobereola, assured the committee that the directive is being implemented, with new guidelines streamlined for immediate execution.
“We are acting in accordance with the Honourable Minister’s directive to ensure that indigenous shipowners can finally access this critical funding,” Mobereola said. “With the updated framework, beneficiaries will be able to draw from the fund within the year.”
The $700 million intervention fund will now be managed with the participation of 12 primary lending institutions (PLIs), up from the initial five. Under the new funding structure, banks will contribute 35 percent, NIMASA 50 percent, and shipowners will provide the remaining 15 percent as equity.
Mobereola noted that the inclusion of more banks would not only broaden access but also ensure robust risk assessment, financial discipline, and long-term sustainability of the fund.
“This is a win-win approach,” he added. “We’re not only offering access to finance but also ensuring access to business opportunities that will further stimulate the maritime economy.”
Odudoh also commended NIMASA for maintaining zero piracy in Nigerian waters, which he said has significantly improved Nigeria’s international image.
The committee reiterated its commitment to supporting Nigeria’s bid for re-election into Category C of the International Maritime Organization (IMO), stating that the country is now better positioned for global maritime engagement.
