Maritime authorities and industry stakeholders have commended the Nigeria Maritime Administration and Safety Agency (NIMASA) for its dedicated efforts toward fully implementing the Cabotage Vessel Financing Fund (CVFF). The recognition came during a vibrant panel discussion at the 2025 One-Day Maritime Law Seminar in Lagos, organised by the Nigeria Maritime Law Association.<\/p>\n
Under the theme\u00a0\u201cLens into the Future of the Shipping Industry,\u201d<\/em>\u00a0the seminar delved into both national and global maritime trends. A key focus was on the challenges and opportunities surrounding the CVFF, especially its effective distribution and role within the broader Cabotage Act.<\/p>\n Innovative Financing Strategies for Nigerian Shipbuilding<\/strong><\/p>\n Maritime lawyer Mr. Adedoyin Afun of Bloomfield LP explained that NIMASA is actively exploring ways to utilise the CVFF to boost ship financing, particularly through guarantees that can attract investors. He highlighted that shipbuilding projects often involve emission guarantees, which assure payment obligations on new vessels.<\/p>\n \u201cNIMASA is exploring partnerships with multilateral agencies to facilitate ship finance credit, seller\u2019s credit, and improved shipbuilding. Shipyards can build for Nigeria with NIMASA providing guarantees,\u201d Afun noted. \u201cThe funds are protected unless there is a payment default, and these arrangements open opportunities for attracting third-party funding and expanding maritime capacity.\u201d<\/p>\n A Century for the CVFF: A New Era for Local Shipowners<\/strong><\/p>\n Jibril Abba, NIMASA\u2019s Executive Director for Cabotage and Maritime Labour, characterised the CVFF as a transformative initiative for Nigerian shipowners. Speaking through Deputy Director (Legal), Mr. Abdulmumuni Dirisu, Abba emphasised that the disbursement process would now be more transparent and aligned with modern eligibility criteria, in collaboration with 12 primary lending banks.<\/p>\n He reminded stakeholders that CVFF is a loan scheme, not a grant, urging applicants to follow due process through designated financial institutions. Abba also acknowledged the importance of stakeholder collaboration, especially with the Nigeria Maritime Law Association, in refining the agency\u2019s implementation strategies.<\/p>\n Calls for Fleet Expansion and Domestic Capacity Building<\/strong><\/p>\n Capt. Ladi Olubowale, President of the African Ship Owners Association, issued a rallying cry for increased investment in Nigeria\u2019s strategic and service vessel fleet. He emphasised that Nigeria must acquire vessels for coastal trade and decrease reliance on foreign-flagged ships for regional fuel distribution.<\/p>\n \u201cDangote now uses Angola\u2019s fleet,\u201d he pointed out. \u201cWhen will Nigeria have its vessels flagged and ready for trade? There are ships on sale that are suitable\u2014under five years old with ample service life left\u2014yet Nigeria remains dependent on third-party ships to discharge cargo within our waters.\u201d<\/p>\n Olubowale highlighted that Nigeria might need up to 25 years to develop a fully self-sufficient shipbuilding industry, and currently, only five countries globally manufacture ships.<\/p>\n A Call to Mirror Aviation\u2019s Success<\/strong><\/p>\n Hassan Bello, former NSC Executive Secretary, drew parallels with aviation, asserting that Nigeria\u2019s effective implementation of cabotage rules in the aviation sector could serve as a blueprint for maritime operations.<\/p>\n He urged the Ministry of Marine and Blue Economy to emulate the success stories from aviation, issuing directives that promote domestic trade within Nigerian waters and establishing a strategic fleet for international trade. Increased stakeholder involvement, he argued, would be vital for strategic planning and execution.<\/p>\n","protected":false},"excerpt":{"rendered":" Maritime authorities and industry stakeholders have commended the Nigeria Maritime Administration and Safety Agency (NIMASA) for its dedicated efforts toward fully implementing the Cabotage Vessel Financing Fund (CVFF). 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