*Increases Primary Lending Institution from 5 to 12
The Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola has reiterated the readiness of the agency to disburse the much awaited Cabotage Vessel Finance Fund (CVFF) this year.
He stated that the resolve of the agency to disburse the fund was in line with the directive of the Minister of Marine and Blue Economy, Alhaji Adegboyega Oyetola.
Mobereola disclosed this during an oversight visit to NIMASA Headquarters in Lagos by members of the House of Representatives Committee on Maritime Safety, Education and Administration recently.
A statement signed by NIMASA Head of Public Relations, Mr. Edward Osagie and made available to Maritime Bits stated that the House Committee was led by its Acting Chairman, Hon. Uduak Alphonsus Odudoh.
His words: “We are acting in accordance with the directive of the Honourable Minister to ensure indigenous ship owners 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 also disclosed that in order to manage the $700 million intervention fund efficiently, NIMASA has expanded the number of Primary Lending Institutions (PLIs) from five to twelve.
According to him, these banks will play a key role in risk assessment, ensuring that only credible, financially capable shipping firms benefit from the revolving fund. The funding model will see banks contribute 35%, NIMASA 50%, and the remaining 15% as equity from the ship owners themselves.
Continuing, Mobereola said: “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.”
The NIMASA helmsman also used the occasion to express 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.
Odudoh in his remarks pledged full support for the directive issued by Oyetola to expedite the disbursement of the CVFF this year
The legislator on behave of his colleagues expressed satisfaction with NIMASA progress and commended the leadership of Mobereola for ongoing reforms that are repositioning Nigeria’s maritime industry for global relevance.
His words: “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 Director General 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 Director General 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.”
