The Federal Government has launched the application process for the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF), enabling eligible Nigerian shipping firms to access up to $25 million each in structured loans for vessel acquisition.
Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin the disbursement. This was announced on Tuesday in Abuja by the Minister’s Media and Communications Adviser, Dr. Bolaji Akinola, according to the News Agency of Nigeria (NAN).
The CVFF, established under the Cabotage Act of 2003, was designed to boost indigenous shipping through long-term financing but had been delayed for over two decades. Oyetola said the activation reflects a strategic push to strengthen Nigeria’s maritime sector.
Following the directive, NIMASA has issued a Marine Notice inviting qualified shipping companies to apply. Each approved firm can access up to $25 million at competitive rates, with disbursement managed by selected Primary Lending Institutions (PLIs).
“Mr Adegboyega Oyetola, Minister of Marine and Blue Economy, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
“Oyetola said that the directive marked a significant shift from over two decades of administrative stagnation and ushered in a new era of strategic repositioning of Nigeria’s indigenous shipping,” the NAN report read in part.
It added, “Oyetola said that NIMASA, in alignment with the ministry’s directive, had already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.
“According to him, qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.”
Minister Oyetola highlighted the long-awaited rollout of the CVFF, emphasizing that, after over 20 years of dormancy, the fund is now being activated with a deliberate, transparent, and strategic approach.
He noted that under the Tinubu administration, decisive actions have been taken to reposition the maritime sector, with the activation of the CVFF serving as a key intervention. Oyetola described the initiative as a critical milestone, signaling the government’s strong commitment to enhancing local content and reinforcing Nigeria’s maritime sovereignty.
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Oyetola highlighted that the fund is expected to deliver wide-ranging benefits, including the expansion of Nigeria’s indigenous shipping fleet and the creation of jobs.
- Additionally, it will revitalize local shipbuilding and repair industries while significantly reducing the reliance on costly foreign vessel chartering.
“This isn’t just about financing vessels—it’s about investing in the future of our maritime industry,” the minister said.
“With proper execution, the CVFF will set the industry on a path to long-term growth, enhanced logistics efficiency, and stronger global competitiveness.”
- He added that the initiative is anchored on clear policy direction, professional fund administration, and sustained political will—all aimed at positioning Nigeria as a key player in the global maritime space.
