The Nigerian Maritime Administration and Safety Agency (NIMASA) has said the long-awaited Cabotage Vessel Financing Fund (CVFF) will be disbursed in the coming months, with rollout expected in the second quarter of 2026.
Director General of NIMASA, Dr. Dayo Mobereola, represented by Mrs. Nneka Obianyor, Director of Reforms Coordination and Blue Economy, disclosed this during a panel session at the 9th Nigeria International Energy Summit (NIES) in Abuja.
Her comments followed the recent launch of the CVFF application portal by the Minister of Marine and Blue Economy, Adegboyega Oyetola, after over two decades of delays in operationalising the fund.
Obianyor said the fund had always existed but challenges around transparency and equitable disbursement stalled implementation. According to her, NIMASA reviewed and strengthened the guidelines, appointing 12 Primary Lending Institutions (PLIs), including the Bank of Industry (BoI), to ensure credibility and wider access.
She added that the agency introduced a dedicated cabotage portal to promote indigenous participation and boost local shipping capacity. NIMASA has also forwarded amendments to the National Assembly to address gaps in the Cabotage Act and broaden access to qualified indigenous operators beyond vessel owners.
On enforcement, she noted that NIMASA recently launched “Operation Zero Tolerance” to ensure compliance with cabotage regulations by both foreign and local operators, stressing that only compliant operators would benefit from the fund.
Industry stakeholders, however, highlighted persistent challenges. Chief Executive Officer of AfricEnergy, Engr. Bassey Rex, said access to affordable capital remains a major constraint, noting that Nigerian operators face high borrowing costs compared to international competitors. He also cited multiple taxes and a widening skills gap as impediments to growth.
