The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 approved Primary Lending Institutions (PLIs) to fast-track the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
Oyetola said the directive was aimed at ending more than two decades of delays in accessing the fund and unlocking investment, job creation and growth in Nigeria’s maritime sector.
According to a statement issued by his Special Adviser, Bolaji Akinola, NIMASA had received 92 applications under the CVFF framework, with 20 submitted to the PLIs and one reviewed and forwarded for approval.
The minister’s latest directive builds on steps taken by the Nigerian Government since April 2025, when he ordered NIMASA to commence the process for the long-awaited disbursement of the fund.
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The process gained further momentum with the launch of the CVFF Application Portal in Lagos on January 22, 2026, providing a more transparent and structured channel for eligible shipowners to apply for financing.
Oyetola also increased the number of approved PLIs from five to 12 in a bid to accelerate access to the fund.
The CVFF, which has accumulated for more than two decades without being accessed by Nigerian shipowners, is intended to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets.
The initiative is expected to strengthen the competitiveness of Nigerian shipowners in coastal and offshore shipping, reduce dependence on foreign vessel operators and retain more value within the domestic economy.
Oyetola said the programme 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.
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The minister said the decision to commence CVFF disbursement followed President Bola Ahmed Tinubu’s authorisation to address the long-standing financing needs of domestic maritime operators and unlock the economic potential of the blue economy.
Beyond vessel financing, Oyetola said the Nigerian Government was also strengthening the development of Nigerian seafarers through training, certification and welfare initiatives implemented through NIMASA.
He disclosed that 222 seafarers had received free basic and advanced professional training, while 333 cadets had completed their academic training and obtained degrees.
Under the Nigerian Seafarers Development Programme (NSDP), 135 cadets had also completed the programme and obtained Certificates of Competency.
Oyetola further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience.
He said the interventions formed part of the Nigerian Government’s broader efforts to build a competitive maritime workforce, strengthen indigenous capacity and ensure Nigerians benefited directly from opportunities in the blue economy.
