Again, FG Assures On Disbursement of CVFF

…As NIMASA Signs Fresh Performance Bond

BY KESIENNA SHEPHERDS

The Federal Government has once again reassured stakeholders in the maritime sector of its commitment to disburse the long-awaited Cabotage Vessel Financing Fund (CVFF), with the Nigerian Maritime Administration and Safety Agency (NIMASA) announcing that the process is now closer than expected.

L-R: Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dayo Mobereola, Permanent Secretary Ministry of Marine & Blue Economy Mrs. Fatima Sugra Mahmood and the Honourable Minister, His Excellency, Adegboyega Oyetola, CON during the 2026 Sectoral Performance Retreat and Bond Signing of Agencies under the Ministry in Lagos.

Director General of NIMASA, Dr. Dayo Mobereola, disclosed that over 60 applications have already been received through the CVFF portal launched in January 2026. He emphasized that the disbursement will be transparent and closely monitored, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

The announcement comes amid skepticism from industry stakeholders who have grown weary of repeated assurances over the years. However, NIMASA insists that this latest move signals a genuine step toward unlocking financing opportunities for indigenous ship owners.

L-R – Executive Secretary, Nigerian Shippers’ Council; Dr. Akutah Pius, MON; Managing Director, Nigerian Ports Authority, Dr. Abubakar Dantsoho, Honourable Minister, Ministry of Marine and Blue Economy, His Excellency Adegboyega Oyetola, CON, Permanent Secretary of the Ministry, Mrs. Fatima Sugra Mahmood and Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dayo Mobereola during the 2026 Sectoral Performance Retreat and Bond Signing of Agencies under the Ministry in Lagos.

Meanwhile, in a bid to strengthen accountability and performance, NIMASA has signed its 2026 Sectoral Performance Bond under the supervision of the Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola.

Speaking at the signing ceremony, Dr. Mobereola described the Performance Bond as a governance instrument designed to track deliverables, enhance institutional accountability, and align the Agency’s operations with national priorities. He highlighted key achievements in 2025, including:

Maritime Security: Nigeria recorded zero piracy incidents in its territorial waters over the past four years, attributed to enhanced surveillance and inter-agency collaboration.

Automation: The Agency is advancing automation of its ship registry processes to boost efficiency and competitiveness.

All Heads of Agencies under the Ministry of Marine and Blue Economy in a group photograph with the Honourable Minister, Ministry of Marine & Blue Economy, His Excellency, Adegboyega Oyetola, CON during the 2026 Sectoral Performance Retreat and Bond Signing of Agencies under the Ministry in Lagos.

International Standards: Nigeria deposited three conventions with the International Maritime Organization (IMO), while three others await Federal Executive Council approval.

Global Representation: Nigeria’s election into Category C of the IMO Council in November 2025 restored its voice in global maritime governance.

A release by the Deputy Director/Head of NIMASA Public Relations Department, Osagie Edward, Minister Oyetola reiterated that the maritime sector remains central to Nigeria’s economic diversification drive, stressing that the Performance Bonds are binding commitments.

“Accountability is not optional,” he declared, underscoring the government’s resolve to ensure transparency and measurable progress.

With the dual assurance of CVFF disbursement and the signing of a fresh performance bond, NIMASA aims to rebuild confidence among stakeholders and position Nigeria’s maritime industry for sustainable growth.