The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process of disbursement of the Cabotage Vessel Financing Fund (CVFF).
This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.
The disbursement of the CVFF represents not the release of funds, commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
The Minister, in a statement on Tuesday by his Media Communications Adviser, Dr. Bolaji Akinola, stated: “This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history. For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically.”
NIMASA in compliance with the directive, has issued a Marine Notice inviting eligible Nigerian shipping companies to apply.
According to the statement, qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.
The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
The Minister stated: “We are not merely funding vessels; we are investing in a future where Nigerian shipping companies can stand shoulder-to-shoulder with their international counterparts. This is a turning point; one that affirms our commitment to local content, economic resilience, and maritime sovereignty.”
The disbursement of the CVFF would enable the growth of a stronger, self-sufficient shipping fleet, generate employment opportunities, stimulate local shipbuilding and repair industries, and significantly reduce capital flight associated with foreign vessel chartering.
“We are doing what should have been done years ago because our vision is clear. A strong indigenous fleet is not just a matter of pride; it is a strategic national asset. Through this intervention, we will be securing jobs, strengthening our economy, and redefining our place in the global maritime economy.”
Oyetola described the move by President Bola Tinubu’s administration and the Ministry of Marine and Blue Economy as a historic milestone, signaling Nigeria’s determination to claim its rightful position in the global maritime sector—driven by local expertise, anchored by sound policy, and backed by strong political commitment.
