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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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NRC grants Lagos Government permanent approval to operate Red Line rail services

Funso OLOJO, Editor

The Nigerian Railway Corporation (NRC) has granted final approval to the Lagos State Government to operate two of its rail tracks under the Track Sharing Agreement, paving the way for the full operation of the Lagos Rail Mass Transit (LRMT) Red Line project.

The LRMT Red Line commenced passenger operations on October 15, 2024, with morning and evening peak-hour services following its inauguration by President Bola Ahmed Tinubu.

The permanent approval follows the temporary operating approval granted by the NRC in 2025 under the Track Sharing Agreement with the Lagos State Government.

Presenting the Permanent Operating Licence to the Lagos Metropolitan Area Transport Authority (LAMATA) on Tuesday, June 30th, 2026, the Managing Director of the Nigerian Railway Corporation, Dr. Kayode Opeifa, said the approval confers on the Lagos State Government all the rights and obligations contained in the Track Sharing Agreement.

According to him, the licence also empowers the state to operate rail services in line with international best practices.

Opeifa described the milestone as a testament to the mutual trust, cooperation and shared vision that have continued to define the partnership between the NRC and the Lagos State Government.

“Beyond providing access to the tracks, our collaboration has also included the training and capacity development of the Red Line’s operational personnel, demonstrating the immense value of strong institutional partnerships,” he said.

He commended the Lagos State Government for its confidence in the NRC and its sustained commitment to the partnership.

“I also commend the Government for its remarkable investment in public transportation, particularly in the rail subsector, including the acquisition of adequate rolling stock to meet the growing mobility needs of Lagosians,” he added.

The NRC Managing Director noted that the development of modern rail infrastructure requires foresight, substantial capital investment and sustained political will, qualities he said the Lagos State Government has consistently demonstrated.

Opeifa also urged other state governments across the federation to invest in rail infrastructure and services to complement the Federal Government’s efforts to strengthen Nigeria’s railway network.

According to him, expanding rail transportation nationwide would ease congestion on highways, reduce logistics costs, improve passenger mobility, stimulate industrial and commercial activities, and accelerate national economic growth.

He stressed that rail transportation remains the backbone of efficient mass transit systems in major cities around the world.

“Continued investment in rail infrastructure is essential to providing safe, reliable, environmentally sustainable and high-capacity mobility for our growing population, while significantly reducing pressure on our road network,” he said.

Opeifa reaffirmed the NRC’s commitment to fostering productive partnerships that will transform Nigeria’s transport landscape.

“Together, we will continue to build an integrated, efficient, safe and sustainable railway system that serves the aspirations of all Nigerians,” he concluded.

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NPA unveils multi-agency task force to tackle resurgent port access gridlock

Funso OLOJO, Editor

The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in port efficiency.

The intervention followed a stakeholders’ meeting convened by the Managing Director of the NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.

At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.

Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.

According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).

“The responsibility of the task force is to monitor truck movement on the port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.

He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.

To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.

On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.

He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.

He expressed confidence that the renewal would be concluded soon.

Reaffirming the Authority’s commitment to maintaining free-flowing port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s port competitiveness and preserve its growing international reputation.

“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said.

“If you look at the international recognition we are receiving, including the World Bank report, we are determined to sustain and even surpass the improvements already recorded in our port system.
“You can be assured that we remain fully committed to achieving the best possible performance from our ports.”

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Customs Steps Up Nationwide Green Tax Awareness Ahead of July 1 Rollout

Funso OLOJO, Editor

The Nigeria Customs Service (NCS) has intensified its nationwide sensitisation campaign ahead of the July 1, 2026 implementation of the Green Tax Surcharge and related fiscal adjustments, aimed at promoting environmental sustainability and encouraging the importation of cleaner vehicles.

The awareness campaign, held on Friday July 26th, 2026 at the Apapa Area Command, brought together Customs officers, licensed customs agents, freight forwarders, importers and other key stakeholders under the theme: “Implementation of the Green Tax Surcharge and Related Fiscal Adjustments.”

Representing the Comptroller-General of Customs, Adewale Adeniyi, the Zonal Coordinator, Zone A, Mohammed Babadende, said the exercise was designed to ensure stakeholders fully understand the policy before its implementation.

“This sensitisation is designed to ensure that every stakeholder clearly understands the policy before implementation. Our objective is to eliminate uncertainty, promote voluntary compliance and guarantee uniform application of the Green Tax Surcharge across all commands,” Babadende stated.

Delivering a technical presentation, the Comptroller in charge of Tariff, System Audit and Coordination, Murtala Muazu, explained that the Green Tax Surcharge is different from conventional fiscal measures and would therefore require a separate assessment process.

He disclosed that the Service has simplified implementation through the HS Code declaration platform to facilitate seamless compliance by importers and clearing agents.

Muazu also revealed that the Federal Government has reduced import levies on vehicles from 20 per cent to 10 per cent, while import duty on used vehicles has been slashed from 15 per cent to five per cent to cushion the impact of the new environmental surcharge.

Area Controllers who participated in the sensitisation urged importers, licensed customs agents and the trading public to embrace the initiative, stressing that the reduction in import levies would lower the cost of doing business, promote legitimate trade and ultimately reduce transportation costs.

Stakeholders welcomed the policy but called for sustained public enlightenment to deepen understanding and ensure seamless compliance ahead of the July 1 commencement date.

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