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NIMASA assures shipowners of disbursement of CVFF at single- digit interest rate 

Funso OLOJO 
As the August commencement  date for the disbursement of Cabotage Vessels Financing Funds(CVFF) draws nearer, the Nigerian Maritime Administration and Safety Agency (NIMASA) has assured that  interested indigenous ship owners will access the Funds at a single – digit interest rate.
The Director General of the agency, Dr Dayo Mobereola, made the pledge on Monday,May 12th, 2025 during a one- day Stakeholders’ forum on the operationalisation of CVFF held in Lagos.
According to Mobereola, the CVFF is not a grant, but a strategic investment in Nigeria’s maritime future.
He therefore urged all prospective applicants to follow the established procedures through partner financial institutions.
“The primary objective of bringing you together today is to formally announce and discuss the imminent disbursement of the CVFF and to demonstrate the established clear frameworks for transparent, efficient, and impactful fund utilization that will empower indigenous shipowners.
“I urge all prospective applicants to follow the established procedures through our partner financial institutions.
” The CVFF is not a grant program but a strategic investment in Nigeria’s maritime future.
” It is a loan with single digit interest. We will monitor fund utilization to ensure they achieve the intended objectives.”
Mobereola further stated that NIMASA has secured necessary approval that would facilitate the disbursement of the fund to successful beneficiaries.
He also stated that apart from boosting local content in the maritime sector, the CVFF disbursement would also create employment opportunities for Nigerian seafarers.
“The CVFF was established under the Coastal and Inland Shipping Act of 2003 to provide financial support to indigenous shipowners for vessel acquisition and capacity development.
” Despite nearly two decades of regulatory challenges and bad experience of the past, I am delighted to announce that under President Bola Tinubu’s leadership and with the support of the Minister of Marine and Blue Economy, Gboyega Oyetola, we have secured the necessary approvals for disbursement.”
“This disbursement will be transformative for our industry as it stands to empower indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers and strengthening ancillary maritime services.”
Speaking earlier, the Executive Director, Maritime Labour and Cabotage Services, Jubril Abba, said the disbursement of CVFF underscores the agency’s commitment to empowering local shipowners and operators.
He also disclosed that the disbursement would reduce the nation’s reliance on foreign vessels by providing accessible financing options.
“The CVFF is designed to benefit indigenous ownership of marine assets that would be deployed to boost activities within the Nigerian Cabotage space.
“It is with a deep sense of appreciation that we recognise the presence of shipping companies and Shipowners who have taken time out of their tight schedules to honour our invitation to this engagement session.
“Your presence here, we are certain, would add excellent value to the insightful discussions.
“This also underscores NIMASA’s unwavering commitment to empowering local shipowners and operators, stimulating domestic maritime commerce, and reducing our reliance on foreign vessels by providing accessible financing options.”
“The potential of the nation’s Marine and Blue economy when harnessed, would be a significant contributor to the nation’s GDP and catalyse activities in other sectors that would lead to rapid economic growth and development, in line with the renewed Hope Agenda of this Administration.”
Abba however, called on stakeholders to rally round NIMASA in achieving a shared vision for a vibrant and self-reliant maritime sector.
“ The clarion call is for collaborative partnerships to ensure the success of this journey to harness the full potential of our domestic shipping and ensure the sustainable growth of the maritime industry.
“As I close my remarks, we call on all stakeholders to rally round NIMASA as we pledge our renewed dedication, innovation, and partnership in achieving a shared vision for a vibrant and self-reliant maritime sector.”

In his remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, and other industry stakeholders commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the management of NIMASA for their efforts in facilitating the disbursement of the funds.

Former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realization of the CVFF, also joined others in commending the NIMASA Management and the Honourable Minister of Marine and Blue Economy.

Other issues being addressed by NIMASA in collaboration with the PLIs include insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum at subsidized rates.
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Analyses

The invisible toll gates:Why National Single Window is Nigeria’s ultimate economic battleground

Monday Discourse with  Ibrahim Nasiru
Walk into any market in Nigeria today, from the commercial hubs of Lagos to the roadside stalls in Yola, and ask why a bag of rice or an imported spare part costs three times what it did last year.
The typical public commentator will blame global inflation, floating currencies, or macro-economic shocks.
But those who understand logistics know the real truth lies buried under layers of paper, manual stamps, and artificial delays at our seaports.
Nigeria’s international trade is suffocating not from a lack of deep water, but from a deliberate design of convenience.
The recent operational rollout of the National Single Window (NSW) has triggered behind-the-scenes panic among Port cartels, and for good reason.
For decades, keeping our clearing processes fragmented, manual, and dependent on desk-to-desk human interaction was the perfect business model for syndicates.
When cargo dwell times drag on for 21 days, those delays are money in the pockets of the gatekeepers and a death sentence for local businesses.
Let us look at the raw field realities. The push by the Nigeria Customs Service to aggressively crash clearance times down to global 48-hour standards is meeting fierce internal resistance.
Why? Because a unified digital ecosystem means you cannot easily manipulate documentation, hide illicit cargo, or demand “mobilization fees” before signing off a container.
The outcry and protests from certain freight-forwarding syndicates aren’t about technical glitches; they are about the sudden closure of invisible toll gates.
This is exactly why governance at our national gateways can no longer be left to the mercy of transactional bureaucratic habits.
Building deep-sea infrastructure like Lekki Port is a massive physical achievement, but concrete and cranes are useless if the administrative processes at the gate remain backward.
 Real structural reform requires turning our Ports into automated, friction-free pipelines that prioritize production over rent-seeking.
If Nigeria wants to survive this fiscal squeeze, the National Single Window cannot just be treated as another glossy IT project launched in Abuja.
 It requires unyielding administrative enforcement to completely dismantle the corrupt cartels managing the manual desk chains.
The invisible toll gates at our Ports must be completely demolished, and that exact same structural discipline must be scaled across our border stations and trade corridors.
The era of managing international trade with 20th-century paper trails is dying. The future belongs to the builders of automated, transparent systems.
Chief Ibrahim Nasiru, a public affairs analyst,  writes from Abuja 
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Headlines

NANTA Exco embarks on seven-day Ghana retreat, fam trip to deepen regional tourism partnership

Gloria Odion, Reporter

The National Executive Council (NEC) of the National Association of Nigeria Travel Agencies (NANTA) has commenced a seven-day executive retreat and familiarisation (fam) trip to Ghana, hosted by Safari World, as part of efforts to strengthen regional tourism partnerships and expand cross-border travel opportunities.

The NANTA delegation was received at Safari World Homes in Accra by the Chairman of the Safari World Group, Mr. Ernest Gyekye, who expressed delight at hosting the Nigerian travel trade leaders.

He assured the delegation of a memorable experience throughout their week-long stay.

Speaking on the significance of the visit, NANTA President, Mr. Yinka Folami, described the retreat and familiarisation tour as a strategic initiative aimed at fostering stronger business relationships and promoting collaborative tourism development across Africa.

“This mission is not a leisure trip,” Folami said. “It is a deliberate step to implement and expand our association’s marketing advocacy for Nigerian brands across borders.”

He noted that Nigeria and Ghana share deep historical, cultural and commercial ties that should be leveraged to drive tourism growth on the continent.

“Nigeria and Ghana share history, culture, trade and people. The future of our tourism cannot be built in silos,” he said.

“This retreat is about moving from policy to practice—creating real products, real partnerships and real movement of travellers between Accra and Lagos.”

As part of the programme, the NANTA executives will engage in strategic business-to-business (B2B) meetings with their Ghanaian counterparts, tour key tourism destinations under the Safari World brand, and participate in cultural exchange activities designed to promote stronger bilateral tourism cooperation.

The itinerary spans Safari World’s three flagship destinations, including Safari Homes in Accra, the Aqua Safari riverfront experience, Safari Island Cruise, Safari Nautica, and Safari Recreation and Sports facilities in Ada, as well as the Safari Valley Eco Resort and Safari Eco Park in Dawu.

Operating under the brand promise, “One World, Three Destinations, Over 20 Unique Experiences,” Safari World is leveraging the visit to strengthen its footprint in the Nigerian travel market while positioning Ghana as a premier destination for leisure tourism, conferences, group travel, family holidays and premium tourism experiences.

A major highlight of the visit will be the Executive Dinner scheduled for July 21 at the Safari Valley Eco Resort, where key stakeholders from Nigeria and Ghana’s tourism industries will deliberate on strategies for deepening travel trade and advancing regional tourism development.

The familiarisation tour is expected to provide NANTA’s leadership with first-hand knowledge of Safari World’s tourism offerings, paving the way for the development of attractive travel packages and stronger business partnerships that will benefit Nigerian travellers and the wider West African tourism industry.

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Customs

Ogun Customs spurns claims of Smugglers’ takeover of Idiroko–Sango Ota trading Route

Funso OLOJO, Editor

The Ogun I Area Command of the Nigeria Customs Service (NCS) has dismissed as false reports alleging that smugglers had taken over the Idiroko–Sango Ota trading route in Ogun State, describing the claims as a deliberate misrepresentation of a traffic incident.
In a statement issued by the Command’s Public Relations Officer, Superintendent of Customs (SC) Chado, the Command clarified that the traffic gridlock on the route resulted from the breakdown of an articulated commercial trailer after it fell into a badly deteriorated section of Atan Road, temporarily obstructing the free flow of traffic.
According to the Command, the vehicles caught in the ensuing congestion were legitimate commercial trucks transporting red palm oil to various local markets and had no connection whatsoever with smuggling activities.
It explained that the large number of heavy-duty trucks trapped in the gridlock may have led some members of the public to wrongly conclude that smugglers had taken over the road.
“The reports that smugglers blocked the road are inaccurate. The disruption resulted from a road accident and poor road conditions. The vehicles involved were lawful commercial vehicles transporting red palm oil for legitimate trade,” Chado stated.
The Command urged journalists, social media users and the general public to verify information before disseminating reports capable of creating unnecessary panic or undermining public confidence in security agencies.
Observers within the border trade sector noted that the allegation does not reflect the prevailing security situation within the Ogun I Area Command, where anti-smuggling operations have been intensified under the leadership of the Acting Customs Area Controller, Comptroller O.O. Afeni.
Since assuming office, Comptroller Afeni has strengthened intelligence-driven surveillance, enhanced collaboration with other security agencies and host communities, and sustained pressure on economic saboteurs operating along the Ogun border corridors.
These measures, according to stakeholders, have resulted in significant seizures of prohibited goods and reinforced the Command’s resolve to safeguard Nigeria’s economy and territorial integrity.
Maritime and border trade stakeholders also cautioned against the spread of unverified information capable of undermining the efforts of security personnel or creating a false impression of lawlessness in border communities.
They stressed that while combating smuggling remains an ongoing responsibility, responsible and accurate reporting is equally critical to ensuring that operational achievements are not overshadowed by misinformation.
The Ogun I Area Command reaffirmed its commitment to sustaining its anti-smuggling campaign while facilitating legitimate cross-border trade in line with the statutory mandate of the Nigeria Customs Service.

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