The Nigerian Maritime Administration and Safety Agency (NIMASA) says it has received more than 60 applications for the Cabotage Vessels Financing Fund since the application portal opened in January 2026.
The Director-General of the agency, Dayo Mobereola, disclosed this while assuring stakeholders that the disbursement process will be transparent and strictly monitored.
The development was announced in a statement issued by the Deputy Director and Head of Public Relations at NIMASA, Osagie Edward.
Mobereola said the growing number of applications indicates strong interest from industry operators seeking financial support under the fund.
“More than 60 applications have been received since the portal was launched in January 2026, ensuring that the disbursement process will be transparent and strictly monitored,” he said.
The agency also reaffirmed its commitment to accountability, improved performance, and sustained growth in the maritime sector with the signing of its 2026 Sectoral Performance Bond.
The signing ceremony was overseen by the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola.
Mobereola described the Performance Bond as a key governance instrument designed to track deliverables, strengthen institutional accountability, and align the agency’s operations with national priorities.
According to him, ongoing reforms within NIMASA are driven by purposeful leadership and strategic ministerial support.
He added that the agency remains committed to delivering on its mandate in line with the Renewed Hope Agenda of President Bola Tinubu’s administration.
On maritime security, the NIMASA boss disclosed that Nigeria has recorded zero piracy incidents within its territorial waters over the past four years.
He attributed the milestone to enhanced surveillance systems and improved collaboration among security agencies operating in the maritime domain.
Mobereola also revealed that the agency is at an advanced stage of automating its ship registry processes. The move, he said, is expected to improve efficiency, reduce administrative delays, and enhance Nigeria’s competitiveness in global maritime business.
He further noted that Nigeria has deposited three conventions with the International Maritime Organization (IMO), while three additional conventions are awaiting approval from the Federal Executive Council.
According to him, the steps demonstrate Nigeria’s commitment to complying with international maritime standards.
Mobereola added that Nigeria’s election into Category C of the IMO Council in November restored the country’s voice in global maritime governance and strengthened its leadership role within Africa’s maritime sector.
In his remarks, Oyetola reiterated the Federal Government’s commitment to leveraging the maritime sector to drive economic diversification, create jobs, and increase foreign exchange earnings.
He stressed that the Performance Bonds signed by government agencies are binding commitments that will be closely monitored.
“Accountability is not optional,” the minister said.
The Cabotage Vessel Financing Fund application portal was officially unveiled on January 22, 2026, by the Federal Government through the Ministry of Marine and Blue Economy in collaboration with NIMASA.
