We are set for CVFF disbursement at single digit rate – NIMASA DG
Omatseye, Olubowale, others commend NIMASA
The Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has announced that the Cabotage Vessel Financing Fund (CVFF) shall attract a single-digit interest rate.
Mobereola announced this on Monday, May 12, 2025 at a one-day interactive forum organized for stakeholders on the operationalization of the CVFF.
Mobereola also disclosed a two-year moratorium and an eight-year tenure for the facility, which will be disbursed through twelve (12) Primary Lending Institutions.
Other issues being addressed by NIMASA in collaboration with the PLIs include insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum at subsidized rates.
Dr. Mobereola emphasized the importance of the CVFF to the development of the Nigerian maritime sector, while acknowledging the role of President Bola Ahmed Tinubu, GCFR, through the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, in ensuring the immediate disbursement of the funds.
In his words: “I am delighted to announce that under President Bola Ahmed Tinubu’s leadership, and with the support of the Honourable Minister of Marine and Blue Economy, HE Adegboyega Oyetola, we have secured the necessary approvals for disbursement. This disbursement will be transformative for our industry by empowering indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers, and strengthen ancillary maritime services.”
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Mobereola also emphasized the need for transparency in the entire process. “To ensure transparency and accountability, we established a dedicated Secretariat Cabotage Unit, developed clear eligibility criteria, and partnered with 12 Primary Lending Institutions to facilitate access to the fund.”
Former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realization of the CVFF, also joined others in commending the NIMASA Management and the Honourable Minister of Marine and Blue Economy.
In his remarks, the President of African Shipowners Association (ASA), Captain Ladi Olubowale, commended the NIMASA management for carrying out due diligence while asking if there is a strategic fleet and tonnage policy in place for the fund.
Captain Ladi Olubowale who pointed out that this strategic policy is important as the nation is jostling for a place in the MO Category C urged NIMASA to look at the cause of the failure of such fund in the past and how bank and oil gas sectors as a case study and how they can suitably fit into the fund.
Olubowale advised NIMASA to organise another stakeholders meeting to address technical and assurance aspect of fleet as this will drive ship ownership and sustainability.
In his remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the management of NIMASA for their efforts in facilitating the disbursement of the funds.
