The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed claims that banks handling the disbursement of the $700m Cabotage Vessel Financing Fund (CVFF) are demanding cargo guarantees from indigenous shipowners.
The agency’s Director-General, Dayo Mobereola, said none of the 12 approved Primary Lending Institutions involved in the process was requesting such guarantees from applicants.
Speaking on the sidelines of the 2026 World Maritime Day celebration, Mobereola said indigenous shipowners seeking the fund were required to apply through the NIMASA CVFF portal and subsequently approach their banks to fulfil the applicable lending conditions.
He explained that the banks were required to provide guarantees to enable NIMASA to recover the loans at the end of their repayment periods and make the funds available to other beneficiaries.
According to him, some shipowners have submitted applications and are currently engaging their banks to meet the requirements for approval.
Once the process is completed, he said, the applications would be processed by NIMASA and the funds released to successful applicants.
Mobereola insisted that cargo guarantees were not among the requirements being demanded by the participating banks, despite complaints from some shipowners.
He noted that many indigenous operators had been active in the maritime industry for between 20 and 30 years, adding that their established business operations should enable them to meet the applicable requirements.
Meanwhile, the Minister of Marine and Blue Economy, Adegboyega Oyetola, reaffirmed the Federal Government’s commitment to expanding indigenous participation in the shipping industry through the effective deployment of the fund.
Oyetola said he had directed NIMASA to work closely with the approved lending institutions to accelerate the processing and disbursement of the CVFF to eligible beneficiaries.
He acknowledged that the process might require patience but maintained that the government remained committed to strengthening Nigeria’s indigenous shipping capacity.
The minister said effective deployment of the fund would help expand the national fleet and stimulate investment across the maritime value chain.
The Cabotage Vessel Financing Fund was established to support Nigerian shipowners and promote local participation in coastal and inland shipping. Its disbursement is expected to improve access to finance for indigenous operators and strengthen their ability to compete in the domestic maritime market.
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