CVFF Disbursement Lands with Single Digit Interest Rate, As Mobereola Assures of a Transparent Process by NIMASA

CVFF Disbursement Lands with Single Digit Interest Rate, As Mobereola Assures of a Transparent Process by NIMASA

H.E Adegboyega Oyetola CON, Hon. Minister of Marine and Blue Economy

Dr Dayo Mobereola, DG, NIMASA, fielding answers to questions at the event

As the final stage of disbursement process of the Cabotage Vessel Financing Fund (CVFF) wind down, there are huge expectations from the Maritime industry players on the smoothly planned implementation of the CVFF disbursal which industry stakeholders says will become the needed economic game changer in the  second largest revenue earning sector of the nation.

To the elation of many, it was disclosed that the targeted CVFF disbursement which is to be spearheaded by the Federal Ministry of Marine and Blue Economy through the Nigerian Maritime Administration and Safety Agency (NIMASA), shall attract a single-digit interest rate.

This disclosure was made by the Agency’s Director General, Dr. Dayo Mobereola, on Monday, May 12, 2025 at a one-day interactive forum organized for stakeholders on the operationalization of the CVFF.

He also disclosed a two-year moratorium and an eight-year tenure for the facility, which will be disbursed through twelve (12) Primary Lending Institutions.

However, 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.

R-L: Director Cabotage Services, Nigerian Maritime Administration and safety Agency, NIMASA, Kabir Murnai; Executive, Maritime Labour and Cabotage Services, NIMASA, Jibril Abba; Director General, NIMASA, Dr Dayo Mobereola; Chairman/CEO Sea Transport Services Limited, Aminu Umar; Vice President, Nigerian Chamber of Shipping, Ify Akerele; Executive Director Operations, NIMASA, Engr Fatai Taiye Adeyemi and SA-DG (Administration and Operations), NIMASA, Olatunji Ahmed during a Stakeholders Interactive Forum on the Operationalization of the Cabotage Vessel Financing Fund (CVFF) in Lagos.

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.

According to 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,” the NIMASA DG said.

Furthermore, Mobereola also emphasized on the need for transparency in the entire process, as he noted that a dedicated Cabotage unit has been established to ensure smoother disbursement 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.”

Director Cabotage Services, Nigerian Maritime Administration and safety Agency, NIMASA, Kabiru Murnai (left); Executive, Maritime Labour and Cabotage Services, NIMASA, Jibril Abba (2nd left); Director General, NIMASA, Dr Dayo Mobereola (3rd left); Former Director General, NIMASA, Temisan Omatseye (3rd right); Executive Director Operations, NIMASA, Engr Fatai Taiye Adeyemi (2nd right) and Director, Administration and Human Resources, NIMASA, Isichei Osamgbi (right) and a stakeholder during a Stakeholders Interactive Forum on the Operationalization of the Cabotage Vessel Financing Fund (CVFF) in Lagos.

Meanwhile in their remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, and other industry stakeholders 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. Also, 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.