Shipping Experts Urge NIMASA to Improve Vessel Financing

Shipping experts in Lagos criticized the Nigerian Maritime Administration and Safety Agency (NIMASA) and banks for the slow disbursement of the Cabotage Vessel Financing Fund (CVFF). They attributed the delays to NIMASA's poor regulatory framework and stringent bank conditions, which increase investment costs and discourage long-term financing.

Dr Olisa Agbakoba, a Maritime Lawyer and former President of the Nigeria Bar Association, stated that regulatory uncertainty hampers investment and called for consistent enforcement of maritime regulations and transparent administrative procedures. He urged for better coordination between NIMASA and key government bodies, including the Federal Ministry of Marine and Blue Economy and the Nigerian Ports Authority.

Agbakoba noted that while the CVFF is crucial for supporting indigenous vessel ownership, fleet development should not rely solely on public financing. He advocated for banks and investors to become active partners in developing Nigeria's National Fleet through tailored financing solutions.