The House of Representatives, through its Committee on Maritime Safety, Education and Administration, has pledged full support for the directive by the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, instructing the Nigerian Maritime Administration and Safety Agency (NIMASA) to expedite the disbursement of the Cabotage Vessel Financing Fund (CVFF).
During an oversight visit to NIMASA, Acting Chairman of the Committee, Hon. Uduak Alphonsus Odudoh, expressed satisfaction with the agency’s progress and commended Director General Dr. Dayo Mobereola for implementing reforms that are repositioning Nigeria’s maritime industry on the global stage.
“I commend NIMASA and the Federal Ministry of Marine and Blue Economy for the steps taken to disburse the CVFF, which has faced delays for over 20 years. This move will spur job creation in Nigeria’s maritime sector,” Odudoh stated. “Under the DG’s leadership, piracy has been eliminated in Nigerian waters, improving the nation’s global image.”
He further noted the Committee’s support for Nigeria’s candidacy in Category C of the International Maritime Organization (IMO), highlighting NIMASA’s efforts to domesticate 56 international maritime conventions in one initiative.
“We are committed to working with NIMASA and the Ministry for the success of this administration and the country,” he affirmed.
Welcoming the delegation, NIMASA DG Dr. Dayo Mobereola thanked the House Committee for its continued partnership, emphasizing the importance of legislative oversight in shaping maritime policy.
Mobereola confirmed that the Minister’s directive on CVFF disbursement is being fully implemented, noting that access to the fund will commence this year. To enhance efficiency, NIMASA has increased the number of Primary Lending Institutions (PLIs) from five to twelve, strengthening risk assessment and ensuring only financially credible shipowners benefit from the $700 million fund.
Under the revised funding model, banks will contribute 35%, NIMASA 50%, and shipowners 15% as equity.
“By involving the banks, we’re promoting financial discipline and long-term sustainability,” Mobereola said. “We are creating a win-win situation—ensuring access to finance and access to business.”
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