The federal government has directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 primary lending institutions (PLIs) to fast-track the disbursement of the cabotage vessel financing fund (CVFF).
CVFF was established in 2003 under Section 42 of the Coastal and Inland Shipping (Cabotage) Act.
According to NAN, Adegboyega Oyetola, minister of marine and blue economy, announced the development in a statement on Sunday by Bolaji Akinola, his special adviser.
Oyetola said the move was aimed at ending about 20-year delay in accessing the fund and unlocking investment, growth, and job opportunities in Nigeria’s maritime sector.
The minister said NIMASA had received 92 applications for funding under the CVFF, with 20 forwarded to the PLIs and one reviewed and submitted for final approval.
He said operationalising the fund marked a major milestone in the federal government’s efforts to strengthen indigenous participation in coastal and offshore shipping.
Oyetola recalled that in April 2025, he directed NIMASA to commence the disbursement of the fund, ending years of administrative delays and paving the way for the repositioning of Nigeria’s indigenous shipping capacity.
He said the process gained further momentum with the launch of the CVFF application portal in Lagos on January 22, designed to provide eligible shipowners with transparent and structured access to the fund.
According to the minister, the number of PLIs was later increased from five to 12 to widen access and reduce bottlenecks in loan processing.
Oyetola said the CVFF had accumulated for more than two decades without being accessed, adding that the fund was established to provide low-interest, long-term financing for vessel acquisition.
He said the fund would enable Nigerian shipowners to compete for coastal shipping contracts, reduce dependence on foreign vessels, and retain more value within the Nigerian economy.
The minister projected that the initiative could create more than 30,000 direct and indirect jobs in shipyards, marine engineering firms, and maritime logistics companies across the country.
He said the disbursement followed President Bola Tinubu’s authorisation to address long-standing financing challenges and unlock the economic potential of Nigeria’s blue economy.
Beyond financing, Oyetola said the ministry was also investing in seafarer development through NIMASA by expanding training, certification, and welfare initiatives for maritime professionals.
He said 222 seafarers had received free training in basic and advanced courses, while 333 cadets had completed academic training and obtained degrees.
“Under the Nigerian Seafarers Development Programme, 135 cadets successfully completed the programme and obtained Certificates of Competency,” the minister said.
Oyetola added that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience for career progression.
He said the interventions reflected the government’s commitment to developing a competitive maritime workforce and ensuring Nigerians benefit directly from opportunities in the blue economy.
In 2025, Oyetola announced the federal government’s plan to end the issuance of waivers under the Coastal and Inland Shipping Act of 2003.
