President Bola Tinubu has authorised the disbursement of the Cabotage Vessel Financing Fund (CVFF), with the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, directing the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 primary lending institutions (PLIs) to fast-track the process.
Mr Oyetola said the directive aimed to end more than 20 years of delays in accessing the fund and unlock investment, growth, and job opportunities in Nigeria’s maritime sector.
The minister said this in a statement issued on Sunday by his special adviser, Dr Bolaji Akinola.
He said NIMASA had received 92 funding applications under the CVFF, adding that 20 had been submitted to the PLIs, while one had been reviewed and forwarded for final approval.
Mr Oyetola said the move to operationalise the CVFF marked a major milestone in the federal government’s efforts to strengthen indigenous participation in coastal and offshore shipping.
He recalled that in April 2025, he directed NIMASA to begin disbursing the fund, ending years of administrative stagnation and paving the way for the repositioning of Nigeria’s indigenous shipping capacity.
He said the momentum continued with the launch of the CVFF Application Portal in Lagos on January 22, to provide transparent and structured access to eligible shipowners.
According to him, the number of PLIs was subsequently increased from five to 12 to expand access and reduce bottlenecks in loan processing.
The minister said the CVFF had accumulated for more than two decades without being accessed and was designed to provide low-interest, long-term financing for vessel acquisition.
He said the fund would enable Nigerian shipowners to compete for coastal shipping contracts, reduce dependence on foreign vessels and retain more value within the Nigerian economy.
Mr Oyetola projected that the initiative could generate more than 30,000 direct and indirect jobs in shipyards, marine engineering firms and maritime logistics companies across the country.
He said the disbursement followed President Tinubu’s authorisation to address long-standing financing challenges and unlock the economic potential of Nigeria’s blue economy.
Beyond financing, Mr Oyetola said the ministry was also investing in seafarer development through NIMASA by expanding training, certification and welfare initiatives for maritime professionals.
He disclosed that 222 seafarers received free training in basic and advanced courses, while 333 cadets completed academic training and were awarded degrees.
“Under the Nigerian Seafarers Development Programme, 135 cadets completed the programme and obtained Certificates of Competency,” he said.
Mr Oyetola added that 7,059 Nigerian seafarers had been placed onboard vessels to gain the required sea-time experience for career progression.
He said the interventions reflected the government’s commitment to building a competitive maritime workforce and ensuring that Nigerians benefited directly from opportunities in the blue economy.