Cabotage Fund applications cross 60 as NIMASA commits to performance targets

MORE than 60 applications have been submitted for the Cabotage Vessel Financing Fund (CVFF) following the launch of its portal in January 2026, the Nigerian Maritime Administration and Safety Agency (NIMASA) has said, as it sealed its 2026 Sectoral Performance Bond.

The signing ceremony, which highlights the federal government’s renewed emphasis on accountability and measurable outcomes across public institutions, was supervised by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

Director-General of NIMASA, Mr Dayo Mobereola, described the performance bond as a key mechanism for ensuring that the agency meets its targets, improves transparency, and aligns its operations with broader national development goals.

He assured industry stakeholders that the process for disbursing the Cabotage Fund would be handled with strict transparency and oversight. According to him, the strong response so far signals increasing trust in both the financing scheme and NIMASA’s ongoing reforms.

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Mobereola also reaffirmed the agency’s alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu, noting that reforms within the maritime sector are being driven by deliberate leadership and sustained support from the supervising ministry.

On security, he disclosed that Nigeria has maintained zero piracy incidents within its territorial waters over the past 4 years, attributing the milestone to improved surveillance systems and stronger collaboration among security agencies.

The NIMASA chief further revealed that efforts to automate the country’s ship registry are nearing completion, a development expected to streamline processes, cut red tape, and enhance Nigeria’s competitiveness in the global maritime industry.

In addition, he said Nigeria has submitted 3 maritime conventions to the International Maritime Organization (IMO), while 3 more are pending approval by the Federal Executive Council (FEC), underscoring the country’s commitment to global maritime standards.

He added that Nigeria’s election into Category C of the IMO Council in November 2025 has strengthened its influence in international maritime affairs and reinforced its leadership role across Africa.

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Speaking at the event, Mr Oyetola reiterated the government’s plan to harness the maritime sector as a driver of economic diversification, employment, and foreign exchange earnings. He stressed that agencies under the ministry would be held accountable for delivering on their mandates.

“Accountability is not optional,” the minister said, underscoring the administration’s determination to ensure tangible results across all agencies.