By Oluyinka Onigbinde
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) and the 12 approved Primary Lending Institutions (PLIs) to fast-track the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
The directive is aimed at ending more than two decades of delays in accessing the fund and strengthening indigenous participation in Nigeria’s maritime industry.
Oyetola, in a statement issued by his Special Adviser, Bolaji Akinola, on Sunday, said 92 applications had so far been received under the CVFF financing framework, with 20 already submitted to the PLIs and one application reviewed and forwarded for approval.
The minister urged NIMASA and the lending institutions to accelerate the process, stressing the need to translate the Federal Government’s efforts to operationalise the fund into tangible financing for Nigerian shipowners.
The CVFF has remained largely inaccessible to Nigerian shipowners for more than two decades, despite accumulating funds intended to support the development of indigenous shipping capacity.
Oyetola’s renewed push follows his directive to NIMASA in April 2025 to commence the process for the long-awaited disbursement of the fund.
The process gained further momentum with the launch of the CVFF Application Portal in Lagos on January 22, 2026, providing what the ministry described as a more transparent and structured platform for eligible shipowners to submit applications.
The minister subsequently increased the number of approved PLIs from five to 12 in a move aimed at broadening access to financing and speeding up the disbursement process.
Under the CVFF framework, Nigerian shipowners are expected to access low-interest, long-term financing for the acquisition of modern vessels and expansion of their fleets.
The Federal Government believes the fund will enable indigenous operators to compete more effectively for coastal and offshore shipping contracts, reduce Nigeria’s dependence on foreign vessel operators and retain a greater share of maritime earnings within the domestic economy.
According to Oyetola, the initiative could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
He said the decision to commence the disbursement of the CVFF followed President Bola Ahmed Tinubu’s authorisation to address the long-standing financing challenges confronting domestic maritime operators and unlock the economic potential of the blue economy.
Beyond vessel financing, Oyetola said the Federal Government was also strengthening the development of Nigerian seafarers through training, certification and welfare initiatives being implemented by the ministry and NIMASA.
He disclosed that 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 successfully completed the programme and obtained their Certificates of Competency.
He further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the sea-time experience required for professional advancement.
Oyetola said the interventions were part of the Federal Government’s broader strategy to build a competitive maritime workforce, strengthen indigenous capacity and ensure that Nigerians directly benefit from opportunities in the blue economy.
The minister’s latest directive is expected to place renewed pressure on NIMASA and the participating PLIs to move applications through the approval process and begin delivering the long-awaited financing to qualified Nigerian shipowners.
