The Federal Government has stepped up efforts to unlock the long-awaited Cabotage Vessel Financing Fund (CVFF), with the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, directing the Nigerian Maritime Administration and Safety Agency (NIMASA) to accelerate the processing of funds for qualified indigenous shipowners.
Oyetola gave the directive at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy on Friday in Lagos.
He reaffirmed the government’s commitment to expanding Nigerian ownership of vessels operating in the country’s domestic maritime sector.
The minister said the government would continue to support indigenous shipowners and ensure that the Cabotage regime delivers greater economic benefits to Nigerians.
“To our indigenous shipowners, I wish to reaffirm this Administration’s commitment to the development of indigenous shipping capacity and the effective implementation of the Coastal and Inland Shipping (Cabotage) Act,” he said.
Oyetola said he had specifically directed NIMASA to work with approved Primary Lending Institutions (PLIs) to fast-track the processing and disbursement of the CVFF to eligible beneficiaries.
“Progress may require patience, but our direction remains firm,” he said.
The renewed push for disbursement comes amid longstanding concerns in the maritime industry over the difficulty faced by Nigerian shipowners in accessing finance for vessel acquisition, maintenance and expansion.
For Oyetola, however, the significance of the CVFF goes beyond providing loans to shipowners, as effective deployment of the fund could trigger investment across the wider maritime value chain.
“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” he said
He listed shipbuilding, marine engineering, vessel maintenance and maritime logistics among areas that could benefit from increased indigenous investment.
The minister said the government’s ultimate goal was to move Nigerians from being largely participants in maritime activities to becoming owners and leaders of the industry.
“Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” Oyetola said.
He also stressed the importance of professional training and the development of local expertise, saying these were necessary to build a competitive domestic maritime industry capable of generating greater economic value for the country.
The minister’s position effectively places the implementation of the CVFF at the centre of the government’s strategy to deepen indigenous participation in shipping and strengthen Nigeria’s maritime capacity.
At the event, the Ambassador of the Kingdom of Denmark to Nigeria, Jens Ole Bach Hansen, delivered a presentation titled, “Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria.”
The presentation highlighted the potential for strategic partnerships, investment and technology transfer in developing Nigeria’s blue economy.
