$700m CVFF: No PLI is demanding cargo guarantees from shipowners — NIMASA

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, has debunked claims that some of the Primary Lending Institutions (PLIs) involved in the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) are demanding cargo guarantees from indigenous shipowners.

Speaking with the Nigerian Tribune on the sidelines of the 2026 World Maritime Day celebration held over the weekend, the NIMASA director-general said that none of the 12 banks involved in the disbursement of the $700 million CVFF was requesting cargo guarantees from indigenous shipowners.

According to Mobereola, “For the CVFF disbursement, we have made it very easy. We have ensured that everybody that is an indigenous shipowner can apply for the fund.

“As a shipowner, you will have to apply through the NIMASA CVFF Portal. After then, you have to go to your bank because there is a need for a bank guarantee so that when NIMASA releases the fund to you, the agency will be able to recoup its fund after the loan tenor expires so that other shipowners too can benefit from the loan application.

“Where we are right now is that some shipowners have applied and they are currently discussing with their banks in order to ensure that they, the shipowners, fulfil all the conditions of the banks.

“Once this is concluded, they will come to us, we will then process the application, and the funds will be released.”

When reminded that some shipowners had complained that commercial banks were demanding cargo guarantees before proceeding with their CVFF applications, the NIMASA director-general said none of the banks involved in the fund’s disbursement would do so.

“I can tell you reliably that none of the 12 banks involved in the CVFF disbursement will request for cargo guarantees from shipowners. Most of the indigenous shipowners have been operating for about 20 to 30 years. How have they been operating without cargoes? There is a way they have been doing it, and it is the same system that we are applying.

“Of the 12 Primary Lending Institutions (PLIs), I am not sure that any of them is requesting for cargo guarantees from indigenous shipowners,” Dr Dayo Mobereola stated.

In his earlier presentation, the Minister of Marine and Blue Economy, Adegboye Oyetola, assured indigenous shipowners of the government’s support and commitment to the disbursement of the CVFF.

“To our indigenous shipowners, I wish to reaffirm this Administration’s commitment to the development of indigenous shipping capacity and the effective implementation of the Coastal and Inland Shipping (Cabotage) Act.

“I have directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the CVFF to eligible beneficiaries. Progress may require patience, but our direction remains firm.

“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” the minister stated.

He stressed that developing indigenous shipping capacity remained central to the government’s broader objective of ensuring that Nigerians derived greater economic benefits from the country’s maritime resources.

The CVFF is regarded as a critical financing instrument for supporting Nigerian shipowners and expanding indigenous participation in the maritime industry. Its effective deployment is expected to strengthen the national fleet and improve local capacity to compete in the domestic shipping market.