The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has launched the Cabotage Vessel Financing Fund (CVFF) Application Portal, to operationalise structured financing for indigenous ship ownership.
Declaring the portal open, on Thursday in Lagos, Oyetola described the initiative as a deliberate step in repositioning Nigeria’s maritime sector as a central pillar of national development.
TheFact Daily gathered that the CVFF was established under the Cabotage Act of 2003 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, forcing indigenous operators to rely on costly foreign financing or foreign-flagged vessels.
He said the move aligns with the Federal Government’s broader objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited.A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative,” he said.
He recalled that the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was created to bridge the financing gap faced by Nigerian shipowners but remained largely dormant for years due to institutional and structural challenges.
According to him, upon assuming office, his Ministry adopted a clear policy objective to strengthen Nigeria’s maritime capacity and ensure that the Fund is 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, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services,” he said.
He added that the impact of the Fund goes beyond economics, stressing that a stronger indigenous fleet would enhance maritime safety and security while supporting national efforts to maintain a regulated and efficient maritime domain.
Emphasising accountability, he reminded potential beneficiaries that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability.
Explaining the significance of the digital platform, the Minister said the portal would serve as the institutional gateway for transparent administration of the Fund.
“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,” he said.
He noted that the portal aligns with the Federal Government’s e-Government agenda and efforts to reduce bureaucratic bottlenecks and improve the ease of doing business.
“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,” he said. “I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth.”
Also speaking, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, reaffirmed the agency’s commitment to ensuring that the CVFF delivers on its mandate.
He disclosed that NIMASA has established a dedicated Cabotage Secretariat 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.
Dr. Mobereola assured stakeholders 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 added that NIMASA is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.
