…20 of 92 applications already with lenders
…Fund expected to create 30,000 jobs — Oyetola
By Folarin Kehinde
After more than two decades of delays, the Federal Government has begun moves to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners, with the Minister of Marine and Blue Economy, Adegboyega Oyetola, directing lenders to fast-track the processing of applications.
Oyetola directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with the 12 approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of funds to qualified beneficiaries.
The development comes as 92 applications have been received under the CVFF framework, with 20 already forwarded to the approved lenders and one application reviewed and submitted for approval.
The minister’s directive is aimed at ending years of delays that have prevented Nigerian shipowners from accessing the fund established to support vessel acquisition and strengthen indigenous participation in the maritime sector.
Oyetola, in a statement by his Special Adviser, Dr Bolaji Akinola, said the Federal Government was determined to make the CVFF a functional financing instrument for Nigerian maritime operators.
The fund, which has accumulated over more than 20 years, is designed to provide low-interest, long-term financing to enable Nigerian shipowners acquire modern vessels and expand their fleets.
The Federal Government expects increased access to the fund to help indigenous operators compete for coastal and offshore contracts, reduce reliance on foreign vessel operators and retain a greater share of maritime earnings in the Nigerian economy.
Oyetola said the intervention could generate more than 30,000 direct and indirect jobs in shipyards, marine engineering firms and maritime logistics companies.
The minister had in April 2025 directed NIMASA to commence the process for disbursing the fund, describing the initiative as part of efforts to reposition Nigeria’s indigenous shipping industry.
The process received further impetus in January 2026 with the launch of the CVFF Application Portal in Lagos to improve transparency and streamline applications.
The government also increased the number of approved PLIs from five to 12 in a bid to expand access to the financing.
Oyetola said the decision to commence disbursement followed President Bola Tinubu’s authorisation to address the persistent financing challenges facing domestic maritime operators and unlock opportunities in the blue economy.
Seafarers get boost
Meanwhile, Oyetola said the Federal Government was also expanding investments in the training and development of Nigerian seafarers.
He said 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), the minister said 135 cadets had completed their training and obtained Certificates of Competency (CoC).
He added that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience.
Oyetola said the initiatives were aimed at developing a competitive Nigerian maritime workforce and positioning citizens to benefit from employment and investment opportunities expected to emerge from the growth of the blue economy.
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