The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed receipt of over 60 applications for the Cabotage Vessel Financing Fund (CVFF).
Speaking during the signing of the 2026 Performance Bond in Lagos, NIMASA Director-General Dayo Mobereola emphasized that the CVFF is a strategic tool for empowering Nigerian shipowners and reducing reliance on foreign vessels.
The NIMASA DG assured stakeholders that the disbursement process will be governed by strict transparency, accountability, and rigorous monitoring to ensure that only qualified and credible operators benefit.
Mobereola further noted that the agency is committed to rebuilding trust in the fund’s administration through strict evaluation criteria and compliance with regulatory requirements.
The performance bond was signed alongside the Minister of Marine and Blue Economy, Adegboyega Oyetola, to align the agency’s targets with national maritime development goals.
Industry observers view the surge in applications as a sign of growing confidence among local operators.
Stakeholders now anticipate that the long-awaited disbursement of the CVFF will play a pivotal role in boosting fleet ownership, creating jobs, and enhancing Nigeria’s global shipping competitiveness.
