The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, says the application portal for the Cabotage Vessel Financing Fund (CVFF) is a new beginning to end financing challenges faced by ship owners in the country.
Oyetola said this at the unveiling of the CVFF Application Portal held in Lagos on Thursday.
The minister said the portal would enable indigenous ship owners to access the CVFF fund, thereby boosting their operations.
“Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive.
“I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” Oyetola said.
Oyetola said the the establishment of the portal marked an historic step in Nigeria’s long-awaited journey to operationalise structured financing for indigenous ship ownership.
The minister commended President Bola Tinubu for making a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.
Declaring the portal open, Oyetola said it aligned with the broader national objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
He recalled that the portal, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners.
The minister also acknowledged that institutional and structural considerations over the years delayed its operationalisation.
Oyetola stated that upon assuming office, his ministry adopted a clear policy objective to strengthen the maritime capacity, ensuring that it was implemented strictly in line with sound governance and financial principles.
“The CVFF is structured as a strategic development instrument by facilitating access to competitive vessel financing for indigenous operators.
“We hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy.
“Access to the fund will create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services,”Oyetola said.
He further noted that a stronger indigenous fleet would enhance maritime safety and security while supporting national efforts to maintain a regulated and efficient maritime domain.
On accountability, Oyetola reminded potential beneficiaries that the CVFF was a revolving fund that should be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
The minister explained that the digital portal would serve as the institutional gateway for transparent administration of the Fund.
Also speaking, Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its purpose.
Mobereola said NIMASA had established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.
“Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” he said.
The DG assured that the agency would ensure professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence, and transparent monitoring of the entire process.
He said the agency remains determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.
In his goodwill message, Chairman, Senate Committee on Marine Transport, Sen. Wasiu Eshinlokun, commended Oyetola and the management for the achievement that responded to longstanding demands of the maritime community.
Eshinlokun reminded the beneficiary to use the funds judiciously, adding that the CVFF fund was not a national one but for the betterment of the maritime industry.
He said the portal would fastening indegenous ship owners to own ships which on the long run would create more jobs for Nigerian youths.
Eshinlokun pledged continued legislative support to ensure effective implementation of the fund and sustained reforms in the sector.
Chairman, House Committee on Maritime Safety, Education and Administration, Hajia Khadija Ibrahim, reaffirmed the support for the National Assembly for reforms in deeping local content, improving maritime safety.
Ibrahim said the the house would ensure that the CVFF was disbursed strictly in line with the law on the beneficiaries, to utilise for it purpose such as vessel expansion and operations efficiencies.
The president, Nigerian Maritime Law Association, Mike Igbokwe (SAN), commended Tinubu administration for making the 23 years long waiting disbursement of the fund reality for the beneficiaries.
He said the fund was to promote indegenous shipping capacity, adding that capital was important for ship owners to be able to compete with their foreign counterpart.
Igbokwe, one of the pioneer promoters of the CVFF, urged the ministry to follow due process and added that implementation should be properly monitored to attain perfection or the disbursement.
President, Nigerian Chamber of Shipping, Mr Aminu Umar; President of the Nigerian Shipowners Association, Mr Sola Adewunmi, and President of the Shipowners Association of Nigeria, Mr Sonny Eja, all lauded the minister and NIMASA’s effort for their commitment to finally unlocking the CVFF.
The ship owners described the portal launch as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.
The legal adviser to NIMASA for the disbursement of CVFF, Dr Adedoyin Afun, said the portal was opened to all Cabotage operators, noting that the platform was established to encourage local participation.
The Financial Adviser to NIMASA on VCFF, Mr Yusuf Buhari, said a total of 12 banks were shortlisted to disburse the fund to indegenous cabotage operators, following due process.
Buhari said the CVFF loan would be used within the period of eight years with 6.5 per cent interest rate per annum.
The News Agency of Nigeria (NAN) reports that CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003.
It is a vital instrument to provide structured financing for Nigerian shipping companies to acquire vessels and participate meaningfully in domestic maritime trade.
However, for more than two decades, the fund remained largely inaccessible, leaving indigenous operators dependent on costly foreign financing or foreign-flagged vessels.
But in 2025, Oyetola directed NIMASA to start the process of disbursing the CVFF, signalling the commitment of the firm to actualising the fund’s original intent and unlocking its immense potential for national economic growth.
Responding to this directive, NIMASA issued a Marine Notice, inviting eligible Nigerian shipping companies to submit applications.
Qualified applicants will have the opportunity to access up to 25 million dollars at competitive interest rates to acquire modern vessels that meet stringent international safety and performance standards.
The fund’s administration will be conducted in close collaboration with carefully vetted and approved primary lending institutions, ensuring a professional, efficient and accountable disbursement process.
With the unveiling of the CVFF Application Portal, stakeholders believe Nigeria has taken a long-awaited step toward building a robust indigenous fleet.
They believe this will retain maritime value within the national economy and position the country as a stronger player in the global marine and blue economy.
