The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved Primary Lending Institutions (PLIs) to fast-track the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
The directive is part of the Federal Government’s efforts to end more than two decades of delays surrounding the fund and unlock new opportunities for investment, fleet expansion and job creation in Nigeria’s maritime sector.
In a statement issued by his Special Adviser, Dr. Bolaji Akinola, on Sunday, Oyetola said significant progress had been made in processing applications under the CVFF framework.
He disclosed that NIMASA had received 92 funding applications, of which 20 had been submitted to the PLIs, while one application had been reviewed and forwarded for approval.
Oyetola said the progress marked an important step towards strengthening indigenous participation in Nigeria’s maritime industry and addressing the long-standing financing challenges faced by domestic shipowners.
In April 2025, the Minister directed NIMASA to commence the process for the disbursement of the CVFF, signalling a renewed push to unlock the fund and reposition Nigeria’s indigenous shipping capacity.
The process gained further momentum with the launch of the CVFF Application Portal in Lagos on January 22, 2026. The portal provides an organised and transparent platform for eligible Nigerian shipowners to submit applications for financing.
To further broaden access to the fund, Oyetola announced the expansion of the number of PLIs from five to 12, providing applicants with more financing channels under the CVFF framework.
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.
The fund is expected to strengthen the capacity of Nigerian shipowners to compete for coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain more maritime value within the Nigerian economy.
According to the Minister, the initiative has the potential to generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s domestic ship-owning and shipbuilding ecosystem.
Oyetola said the Federal Government’s decision to commence the disbursement of the CVFF followed President Bola Tinubu’s authorisation to address the long-standing financing needs of domestic maritime operators and unlock the economic potential of Nigeria’s blue economy.
Beyond vessel financing, the Minister said the Federal Government was also investing in the development of Nigerian seafarers, with the Ministry, through NIMASA, expanding training, certification and welfare initiatives to create greater opportunities for maritime professionals.
He disclosed that 222 seafarers had been trained free of charge in basic and advanced professional courses, while 333 cadets had completed their academic training and been awarded degrees.
He added that, under the Nigerian Seafarers Development Programme (NSDP), 135 cadets had successfully 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 seatime experience.
According to him, the interventions reflect the Federal Government’s broader commitment to building a competitive maritime workforce, strengthening indigenous capacity and ensuring that Nigerians are positioned to benefit directly from opportunities created by the blue economy.
