The House of Representatives Committee on Maritime Safety, Education and Administration says the disbursement of the Cabotage Vessel Financing Fund will create jobs and revitalise Nigeria’s maritime sector. Acting Chairman, Uduak Odudoh, pledged full legislative support during an oversight visit to NIMASA headquarters in Lagos.
The committee praised recent reforms led by NIMASA Director-General, Dayo Mobereola, saying they have repositioned the agency for global competitiveness. Mobereola assured lawmakers that the disbursement directive issued by the Minister of Marine and Blue Economy is already being implemented.
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According to NIMASA, the $700 million fund will now be managed through 12 primary lending institutions—up from five—tasked with risk assessment and ensuring funds are directed to capable, credible shipowners.
Under the revised funding model, banks will contribute 35 percent, NIMASA 50 percent, while shipowners will provide 15 percent equity. Mobereola said the arrangement will promote financial discipline and long-term sustainability.
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