• 92 shipowners apply for fund after two decades of delay
Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) and 12 approved Primary Lending Institutions (PLIs) to fast-track the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
The minister’s directive is aimed at ending more than two decades of delays in accessing the fund and strengthening indigenous participation in Nigeria’s maritime industry.
Oyetola, in a statement issued by his Special Adviser, Dr Bolaji Akinola, yesterday, disclosed that NIMASA had received 92 applications for CVFF funding, with 20 already forwarded to the PLIs and one application reviewed and sent for approval.
The minister urged NIMASA to work closely with the 12 PLIs to ensure that eligible applications are processed without unnecessary delays.
The development followed the Federal Government’s renewed efforts to operationalise the long-awaited financing scheme and unlock investment, job creation and growth in the maritime sector.
Oyetola had, in April 2025, directed NIMASA to commence the process for the disbursement of the CVFF, signalling a renewed push to strengthen Nigeria’s indigenous shipping capacity.
The CVFF Application Portal was subsequently launched in Lagos on January 22, 2026, providing a structured platform for eligible Nigerian shipowners to submit applications for financing.
The minister also expanded the number of approved PLIs from five to 12 in a bid to accelerate access to the fund.
The CVFF, which has accumulated for more than two decades without being accessed by Nigerian shipowners, is designed to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets.
Oyetola said effective implementation of the fund would enable Nigerian shipowners to compete for coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain more value within the Nigerian economy.
He projected that the initiative could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering companies and maritime logistics firms.
The minister said the decision to commence disbursement followed President Bola Ahmed Tinubu’s authorisation to address the longstanding financing challenges facing domestic maritime operators and unlock the economic potential of the blue economy.
Beyond vessel financing, Oyetola said the Federal Government was strengthening the capacity of Nigerian seafarers through expanded training, certification and welfare programmes being implemented by the Ministry and NIMASA.
He disclosed that 222 seafarers had received free training in basic and advanced professional courses, while 333 cadets had completed their academic training and obtained degrees.
Under the Nigerian Seafarers Development Programme (NSDP), he said 135 cadets had completed the programme and obtained their Certificates of Competency (CoC).
Oyetola further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience.
According to him, the interventions form part of the Federal Government’s broader strategy to build a competitive maritime workforce, strengthen indigenous capacity and ensure that Nigerians benefit directly from opportunities in the blue economy.
