Blue Economy
NIMASA Targets ₦724bn Revenue as 60 Indigenous Shipowners Queue for CVFF Funding
NIMASA Targets ₦724bn Revenue as 60 Indigenous Shipowners Queue for CVFF Funding
Reps demand accountability, warn agencies on performance shortfalls
By Emetena Ikuku
Waterways News Correspondent, Lagos
Sixty indigenous shipowners have filed applications to access the Cabotage Vessel Financing Fund (CVFF), as the Nigerian Maritime Administration and Safety Agency (NIMASA) unveiled an ambitious ₦724 billion revenue target for its 2026 budget cycle — a projection lawmakers have vowed to hold the agency to with firm accountability measures.
The applications were submitted via the CVFF Application Portal launched in January by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, as part of the Federal Government’s ongoing push to deepen indigenous participation in Nigeria’s maritime industry.
The figures emerged during a budget defence session before the House of Representatives Committee on Maritime Safety, Education, and Administration, where lawmakers made clear that tolerance for opacity and underperformance had run out.
Reps Draw Line on Accountability
Committee Chairman Khadija Abba-Ibrahim set a firm tone from the outset, stating that agency heads must take direct, personal responsibility for their plans, projections and outcomes. She described the session as far more than routine oversight — characterising it as a critical test of accountability for lawmakers engaging the maritime sector’s principal regulatory agencies for the first time this legislative cycle.
While acknowledging NIMASA’s strategic role in securing Nigeria’s territorial waters and facilitating maritime trade, Abba-Ibrahim stressed that commendations must be backed by verifiable evidence. She urged the agency to use the forum to present a clear 2026 roadmap and address persistent concerns around maritime insecurity, capacity development and operational efficiency.
The committee demanded data-driven submissions on maritime safety programmes, human capital development, revenue optimisation strategies, and the status of capital projects — both ongoing and proposed. Legislators declared the maritime sector a cornerstone of Nigeria’s economic architecture and insisted that every naira allocated must yield tangible results through improved security, stronger indigenous shipping capacity, and sustainable economic growth.
NIMASA DG Defends Automation Drive, CVFF Reforms
In response, NIMASA Director-General Dayo Mobereola told the committee that the agency had commenced full automation of its operations and revenue collection systems in 2025, following Federal Executive Council approval. The initiative, he said, was designed to close revenue leakages and ensure transparent remittance to government coffers.
On the CVFF, Mobereola said the fund had been restructured under a stricter, bank-driven disbursement framework to address the legacy of past mismanagement. Under the new model, financial institutions bear responsibility for risk assessment and repayment guarantees before funds are released to beneficiaries.
He expressed confidence that the reforms would accelerate funding access for local shipowners and give fresh impetus to indigenous vessel acquisition and maritime operations.
Nigeria Watch: What This Means for the Sector
For Nigeria’s cabotage economy, the CVFF remains arguably the most consequential — and most contested — financing instrument in the sector. The fund, drawn from levies on foreign vessels operating in Nigerian coastal trade, has existed for over two decades but disbursed little to the indigenous operators it was designed to empower.
The new bank-intermediated framework represents a departure from previous disbursement models and, if implemented as described, could reduce political interference in the allocation process. However, the fact that 60 applications have emerged within weeks of the portal’s launch points to the depth of pent-up demand among local shipowners — and raises questions about how the agency will manage selection, ensure equitable access, and prevent the fund from once again becoming a source of controversy.
Lawmakers also raised procedural concerns, questioning why the 2026 budget was being defended without a comprehensive review of NIMASA’s 2025 performance — a gap that could complicate any assessment of whether the agency’s ₦724 billion revenue projection is realistic or aspirational.
The committee reaffirmed its willingness to support reforms but warned that future budget approvals would hinge on transparency, measurable outcomes, and demonstrated impact on ground.
Waterways News | waterwaysnews.ng
NIMASA Receives Over 60 CVFF Applications, Vows Open and Accountable Disbursement
By Okeoghene Onoriobe | Waterways News Correspondent | Lagos
The Nigerian Maritime Administration and Safety Agency (NIMASA) has disclosed that it has received more than 60 applications for the Cabotage Vessel Financing Fund (CVFF), a development that signals fresh momentum in the push to strengthen indigenous participation in Nigeria’s shipping sector.
The agency equally assured stakeholders that the disbursement of the fund would be handled transparently, with strict accountability measures guiding every step of the process.
The disclosure came on Thursday in Lagos, during the signing of the 2026 Performance Bond between NIMASA’s Director-General, Dr. Dayo Mobereola, and the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola.
At the event, Minister Oyetola left no room for ambiguity, issuing a pointed directive to heads of agencies under his ministry to focus on results and shun complacency.
“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” the Minister stated.
He further stressed that the performance bonds carry real weight, describing them as binding commitments subject to close monitoring and rigorous evaluation — not documents to be signed and shelved.
“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” Oyetola declared.
Speaking after the signing, Director-General Mobereola said the reforms being pursued at NIMASA are deliberate and are being driven with strong backing from the Ministry, adding that the agency remains firmly aligned with the Federal Government’s Renewed Hope Agenda.
On maritime security, Mobereola highlighted a landmark achievement: Nigeria has recorded zero piracy incidents in its territorial waters over the past four years. He attributed this record to enhanced surveillance systems and improved collaboration among security agencies.
The NIMASA chief also announced that the agency is close to completing the automation of its ship registry processes — a reform expected to eliminate administrative delays, speed up turnaround times, and sharpen Nigeria’s competitiveness in the global maritime industry.
Additionally, Mobereola noted that Nigeria has deposited three maritime conventions with the International Maritime Organization (IMO), with three more pending Federal Executive Council approval. He also highlighted Nigeria’s re-election into Category C of the IMO Council in November 2025 as a milestone that restores the country’s standing in global maritime governance and reinforces its leadership role on the African continent.
Waterways News | www.waterwaysnews.ng
Oyetola Orders NSC Probe into Alleged Plot to Squeeze Out Local Barge Operators
Minister vows zero tolerance for anti-competitive behaviour as indigenous operators cry foul over foreign interference at Nigerian seaports
By Oghenewoke Onoriode|Waterways News Correspondent, LAGOS
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has ordered the Nigerian Shippers’ Council (NSC) to investigate allegations that a coordinated effort is underway to push indigenous barge operators out of Nigeria’s seaport logistics chain.
The directive came during the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat of the Federal Ministry of Marine and Blue Economy, held in Lagos on Thursday.
Operators Raise the Alarm
Representatives of local barge operators used the platform to allege that certain foreign interests are engaged in a deliberate campaign to undermine their operations. They told the Minister that policies, operational bottlenecks, and preferential treatment allegedly extended to foreign-linked entities by some terminal operators are tilting the competitive landscape against Nigerian businesses.
The operators warned that if left unaddressed, the situation could erode local capacity and destabilise Nigeria’s maritime logistics ecosystem.
NSC Given the Mandate
Responding to the allegations, Dr Oyetola reaffirmed the Federal Government’s commitment to protecting local investments and ensuring a level playing field in the maritime sector. He directed the NSC — in its capacity as port economic regulator — to conduct a thorough and impartial investigation into the claims.
The Minister was unequivocal: any anti-competitive behaviour or policy inconsistency that disadvantages Nigerian businesses would not be tolerated.
Engagement as Policy Tool
Dr Oyetola also used the occasion to underscore the importance of regular stakeholder engagement in driving effective sectoral governance. He noted that the government remains firmly focused on developing the marine and blue economy as a pillar of national growth, employment generation, and sustainable development.
Nigeria Watch
The allegations against terminal operators echo long-standing concerns in the Nigerian maritime industry about the marginalisation of indigenous players in port operations. Local barge operators form a critical link in Nigeria’s cargo evacuation chain — particularly at Apapa and Tin Can Island ports — and their displacement would deepen the country’s dependence on foreign logistics providers.
The NSC’s mandate as port economic regulator makes it the appropriate body to probe these claims. However, the effectiveness of the investigation will depend on the Council’s willingness to act on its findings — including, where necessary, imposing sanctions on terminal operators found to have violated fair competition principles.
For the Federal Ministry of Marine and Blue Economy, Thursday’s engagement signals a more assertive posture on indigenous content in maritime logistics — one that stakeholders will be watching closely.
Waterways News — Covering Nigeria’s Maritime, Shipping and Blue Economy Sector
Blue Economy
Tinubu Approves Cargo Tracking Scheme That Could Save Nigeria N900bn in Lost Import Revenue
Tinubu Approves Cargo Tracking Scheme That Could Save Nigeria N900bn in Lost Import Revenue
Presidential approval secured for ICTN as Nigerian Shippers’ Council begins procurement; scheme expected to go live before year-end
By Emetena Ikuku, Lagos
President Bola Ahmed Tinubu has approved the full implementation of the International Cargo Tracking Note (ICTN), a flagship initiative of the Nigerian Shippers’ Council (NSC) designed to plug revenue leakages in the country’s import trade and strengthen regulatory oversight of inbound cargo.
The approval, confirmed at a stakeholders’ engagement convened by the Federal Ministry of Marine and Blue Economy in Lagos, ends months of uncertainty over the scheme’s future and sets the stage for what industry analysts say could be one of the most consequential reforms in Nigeria’s maritime sector in recent years.
What the ICTN Does
The ICTN is a real-time, online cargo tracking system that monitors the movement of inbound shipments from origin to destination. Beyond logistics visibility, it is designed to function as an economic intelligence tool — capturing import data that can be used to close gaps in revenue declaration and combat under-invoicing.
Industry projections suggest the system could help Nigeria recover up to N900 billion annually in import revenue currently lost to leakages — a figure that underscores the commercial stakes of getting the rollout right.
Procurement Underway
Pius Akutah, Executive Secretary and CEO of the Nigerian Shippers’ Council, confirmed to stakeholders that presidential approval had been secured and that procurement processes were already in motion. He expressed confidence that the ICTN would become operational before the end of the year.
Akutah acknowledged that previous implementation attempts had been suspended due to unresolved operational challenges, but said the Council had drawn lessons from those setbacks.
He noted that the Minister of Marine and Blue Economy, Adegboyega Oyetola, is personally committed to ensuring a seamless rollout, with the ministry taking deliberate steps to resolve all outstanding issues before the scheme goes live.
Nigeria Watch
The ICTN revival is significant beyond its revenue implications. For years, Nigerian freight forwarders, cargo agents, and port operators have operated in an environment where cargo data is fragmented and often unreliable — creating fertile ground for manifest fraud, valuation disputes, and customs evasion.
A fully operational ICTN would give the NSC, the Nigeria Customs Service, and the Nigerian Ports Authority (NPA) access to a unified cargo data stream, potentially transforming how import risk is assessed at Apapa, Tin Can Island, and the emerging Lekki Deep Sea Port.
For the broader blue economy agenda being championed by Minister Oyetola, real-time cargo intelligence also supports Nigeria’s ambitions to position its ports as West Africa’s premier logistics hub — a goal that requires the kind of regulatory credibility the ICTN is designed to provide.
Stakeholders will be watching the procurement timeline closely. The scheme has been suspended before, and the maritime industry’s confidence in its delivery will depend on whether the ministry can demonstrate tangible progress before the year runs out.
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