Cabotage Financing Fund Applications Hit 60 As NIMASA Signs Performance Bond

The Nigerian Maritime Administration and Safety Agency (NIMASA) has disclosed that over 60 applications have been received for the Cabotage Vessel Financing Fund (CVFF) since the portal was launched in January 2026, as the Agency formally signed its 2026 Sectoral Performance Bond.

The exercise, which underscores the federal government’s push for accountability and results-driven governance, was overseen by the minister of Marine and Blue Economy, Adegboyega Oyetola.

Speaking at the event, the director-general of NIMASA, Dayo Mobereola, described the performance bond as a critical tool for tracking deliverables, enhancing institutional accountability, and aligning the

Agency’s operations with national development priorities.
Mobereola assured stakeholders that the CVFF disbursement process would be transparent and strictly monitored, noting that the level of interest recorded so far reflects growing confidence in the scheme and the Agency’s reform agenda.

He added that NIMASA remains committed to delivering on its mandate in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, stressing that ongoing reforms are being driven by purposeful leadership and strong ministerial support.

On maritime security, the NIMASA boss revealed that Nigeria has recorded zero piracy incidents in its territorial waters over the past four years, attributing the achievement to enhanced surveillance infrastructure and improved inter-agency collaboration.

He further disclosed that the Agency is at an advanced stage of automating its ship registry processes, a move expected to boost operational efficiency, reduce bureaucratic delays, and improve Nigeria’s competitiveness in the global maritime space.

Mobereola also noted that Nigeria has deposited three conventions with the International Maritime Organization (IMO), while three others are awaiting approval by the Federal Executive Council, reaffirming the country’s commitment to international maritime standards.

He added that Nigeria’s successful election into Category C of the IMO Council in November 2025 has restored its voice in global maritime governance and strengthened its leadership position in Africa.

In his remarks, Oyetola reiterated the federal government’s commitment to leveraging the maritime sector for economic diversification, job creation, and increased foreign exchange earnings, stressing that performance bonds signed by agencies under the ministry would be closely monitored.

“Accountability is not optional,” the minister declared, emphasising the administration’s resolve to ensure that agencies deliver measurable results.