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).
This was contained in a statement signed on Tuesday in Abuja by Dr Bolaji Akinola, the Media and Communications Adviser to the minister.
The News Agency of Nigeria (NAN) reports that the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.
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.
“Successive administrations failed to operationalize the fund until now.
“Under the visionary leadership of President Bola Tinubu, and my determined stewardship, the Federal Government has signaled a deliberate course correction.
“The disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
“For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life deliberately, transparently, and strategically,” he said.
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.
The minister said that the fund would be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
He said that the purpose was not merely funding vessels, but also investing in a future where Nigerian shipping companies could stand shoulder-to-shoulder with their international counterparts.
“This is a turning point, one that affirms our commitment to local content, economic resilience, and maritime sovereignty.
“The disbursement of the CVFF is anticipated to yield far-reaching benefits.
“It will enable the growth of a stronger, self-sufficient shipping fleet, generate employment opportunities, stimulate local shipbuilding and repair industries, and significantly reduce capital flight associated with foreign vessel chartering,” he said.
The minister said that many experts had lauded the approval for the disbursement process.
According to him, with proper implementation, the CVFF would help realign the industry toward long-term growth, enhanced logistics efficiency, and global relevance.
He said that the ministry was working with a clear vision to ensure that the marine sector went beyond having a strong indigenous fleet but having pride and a strategic national asset.
He noted that through this intervention, Nigeria would be securing jobs, strengthening its economy, and redefining its place in the global maritime economy.
“This decisive action by the Tinubu administration and the Ministry of Marine and Blue Economy represents a historic milestone, reaffirming Nigeria’s readiness to take its rightful place on the global maritime stage
“This is powered by indigenous capacity, guided by clear policy, and sustained by unwavering political will,” he said.
