A Historic Turning Point for Nigeria’s Maritime Sector After 20 Years of Waiting
L-R: Deputy Chairman, House Committee on Maritime Safety, Education and Administration, Hon. Uduak Odudoh; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Dayo Mobereola; House Committee Member, Hon. Paul Ekpo; Executive Director Operations, NIMASA, Engr. Fatai Taiye Adeyemi and Executive Director, Maritime Labour and Cabotage Services, NIMASA, Jibril Abba during an oversight visit by members of the House Committee at the NIMASA headquarters in Lagos.
In a major show of support, the House of Representatives, through its Committee on Maritime Safety, Education and Administration, has thrown its full weight behind the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, in his directive to expedite the disbursement of the long-delayed Cabotage Vessel Financing Fund (CVFF).
During an oversight visit to the Nigerian Maritime Administration and Safety Agency (NIMASA) headquarters in Lagos, Acting Chairman of the Committee, Hon. Uduak Alphonsus Odudoh, applauded the Agency’s new momentum and praised the leadership of Director General, Dr. Dayo Mobereola, for delivering critical reforms that are reshaping Nigeria’s maritime landscape for global competitiveness.
“I want to sincerely commend NIMASA and the Federal Ministry of Marine and Blue Economy for finally moving to disburse the CVFF—a fund that has been trapped for over two decades. This is more than just money; it is a catalyst for job creation, ship ownership, and maritime industry growth,” Odudoh stated.
He further noted the Committee’s excitement over NIMASA’s achievements: maintaining a piracy-free record in Nigerian waters, pushing for Nigeria’s re-election into Category C of the International Maritime Organization (IMO), and spearheading the domestication of a record 56 international maritime conventions.
“The world is watching, and Nigeria is proving itself as a serious maritime nation. We pledge our full collaboration with NIMASA and the Ministry to ensure the success of this administration and the maritime sector at large,” Odudoh affirmed.
Welcoming the delegation, Dr. Mobereola expressed gratitude for the strong and positive relationship between NIMASA and the House Committee. He emphasized the critical role of legislative oversight and policy guidance, stressing that the CVFF disbursement is no longer a plan but a certainty.
“We are fully aligned with the Minister’s directive. The guidelines have been refined and approved, and indigenous shipowners will finally access the fund this year. It is a done deal,” Mobereola declared.
He revealed that in preparation for the fund’s proper management, NIMASA has increased the number of Primary Lending Institutions (PLIs) from five to twelve to broaden access and ensure rigorous risk assessments.
Under the revamped model:
Banks will finance 35% of the loan,
NIMASA will contribute 50%,
Shipowners are expected to provide 15% equity.
“By involving banks, we are introducing financial discipline, ensuring that only competent and financially sound shipping companies benefit. This approach guarantees the sustainability of the $700 million revolving fund,” Mobereola explained.
He concluded with a powerful vision:
“We are creating a win-win scenario—access to finance for shipowners and access to a better, thriving maritime business environment for Nigeria.”
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