The Federal Government has stepped up efforts to unlock the Cabotage Vessel Financing Fund (CVFF), with 20 of the 92 applications received from Nigerian shipowners now before approved lending institutions.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) and the 12 Primary Lending Institutions (PLIs) to expedite the processing of qualified applications.
According to the Minister, in a statement on Sunday by his Special Adviser, Dr. Bolaji Akinola ,one application has already been reviewed and forwarded for approval.
Oyetola said the move was aimed at ending more than two decades of delays that had prevented Nigerian shipowners from benefiting from the fund.
“The operationalisation of the CVFF is a critical step towards strengthening indigenous participation in Nigeria’s maritime industry and unlocking the full economic potential of the blue economy,” he said.
The CVFF is expected to provide low-interest, long-term financing for vessel acquisition and fleet expansion, enabling local operators to compete more effectively for coastal and offshore contracts.
Oyetola said the initiative could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies, while reducing reliance on foreign vessel operators.
The Minister had in April 2025 directed NIMASA to commence the disbursement process. This was followed by the launch of the CVFF Application Portal in Lagos in January 2026 to streamline applications.
The number of PLIs was also increased from five to 12 to widen access and speed up the financing process.
Oyetola said the Federal Government’s intervention followed President Bola Ahmed Tinubu’s authorisation to address the financing challenges facing domestic maritime operators.
Seafarers
The Minister also disclosed progress in developing Nigeria’s maritime workforce.
He said 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, 135 cadets had obtained Certificates of Competency, while 7,059 Nigerian seafarers had been placed onboard vessels to acquire sea-time experience.
“These interventions reflect the Federal Government’s broader commitment to building a competitive maritime workforce, strengthening indigenous capacity and ensuring that Nigerians are positioned to benefit directly from the opportunities created by the blue economy,” Oyetola said.
