Surge in CVFF applications as NIMASA promises transparent process

By Fredrick Ameh

The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed the receipt of over 60 applications for the Cabotage Vessel Financing Fund (CVFF), signalling a renewed push to strengthen indigenous shipping capacity and deepen local participation in Nigeria’s maritime sector.

The agency assured stakeholders that the disbursement process would be guided by transparency, accountability, and strict monitoring to ensure that only qualified and credible operators benefit from the fund.

Speaking during the signing of the 2026 Performance Bond in Lagos, the Director-General of NIMASA, Dayo Mobereola, emphasised that the CVFF remains a strategic tool for empowering Nigerian shipowners and reducing dependence on foreign vessels in coastal trade.

Mobereola noted that the agency is committed to rebuilding trust in the fund’s administration by implementing stringent evaluation criteria and ensuring compliance with all regulatory and financial requirements.

The performance bond was signed with the Minister of Marine and Blue Economy, Adegboyega Oyetola, as part of efforts to align the agency’s targets with national maritime development goals.

Industry observers view the surge in applications as a strong indication of growing confidence among local operators, as well as heightened expectations for the long-awaited disbursement of the CVFF.

With NIMASA’s renewed commitment, stakeholders anticipate that the fund will play a pivotal role in boosting fleet ownership, creating employment opportunities, and enhancing Nigeria’s competitiveness in regional and global shipping.