– Says 20 out of 92 applications await approval
Kasim Sumaina in Abuja
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has urged the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
The move underscores the minister’s determination to end more than two decades of delays surrounding the disbursement of the fund and unlock a new era of growth, investment and job creation in Nigeria’s maritime sector.
Oyetola, in a statement issued weekend by his Special Adviser, Bolaji Akinola, said significant progress had been made in processing applications under the CVFF framework.
He disclosed that NIMASA had received 92 funding applications, with 20 already submitted to the PLIs and one application reviewed and forwarded for approval.
The minister further explained that the push for the operationalisation of the CVFF marks a major milestone in the federal government’s efforts to strengthen indigenous participation in Nigeria’s maritime industry.
In April 2025, Oyetola directed NIMASA to commence the process for the long-awaited disbursement of the fund, signaling a decisive break from years of administrative stagnation and setting the stage for the strategic repositioning of Nigeria’s indigenous shipping capacity.
The momentum continued with the launch of the CVFF Application Portal in Lagos on 22 January 2026. The portal established a more transparent and structured process through which eligible Nigerian shipowners could apply for financing, further advancing the Federal Government’s efforts to institutionalise access to maritime finance.
To further accelerate the process, Oyetola announced an expansion of the number of Primary Lending Institutions from five to 12.
The CVFF, which has accumulated over more than two decades without being accessed by Nigerian shipowners, is expected to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets.
The initiative is designed to enable Nigerian shipowners to compete more effectively for lucrative coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain more value within the Nigerian economy.
The minister said 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 Ahmed 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, Oyetola said the federal government was also investing heavily in the development of Nigerian seafarers, with the Ministry, through its agency 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 said under the Nigerian Seafarers Development Programme (NSDP), 135 cadets had successfully completed the programme and obtained their Certificates of Competency (CoC).
The minister further disclosed that a total of 7,059 Nigerian seafarers had been placed onboard vessels to acquire seatime experience.
According to Oyetola, these 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 the opportunities created by the blue economy.