President Bola Tinubu has authorised the disbursement of the Cabotage Vessel Financing Fund (CVFF) to unlock investment, job creation and growth in Nigeria’s maritime sector.
Following the approval, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 Primary Lending Institutions (PLIs) to accelerate the disbursement process.
Oyetola, in a statement on Sunday by his Special Adviser, Dr Bolaji Akinola, said the move would end more than two decades of delays that prevented eligible Nigerian shipowners from accessing the fund.
According to him, NIMASA has received 92 CVFF applications, with 20 already submitted to the PLIs and one reviewed and forwarded for final approval.
The minister described the development as a major step towards strengthening indigenous participation in Nigeria’s coastal and offshore shipping industry.
He recalled that in April 2025, he directed NIMASA to commence the disbursement process after years of administrative stagnation. This was followed by the launch of the CVFF Application Portal in Lagos on January 22 to provide eligible shipowners with transparent and structured access to the fund.
Oyetola said the number of PLIs was later increased from five to 12 to widen access and minimise bottlenecks in loan processing.
The CVFF, which has accumulated for more than 20 years, is designed to provide low-interest, long-term financing for vessel acquisition. The minister said its deployment would help Nigerian shipowners compete for coastal shipping contracts, reduce reliance on foreign vessels and retain more economic value in the country.
He projected that the initiative could create more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies.
Beyond vessel financing, Oyetola said the ministry was strengthening the maritime workforce through expanded training, certification and welfare programmes for seafarers.
He disclosed that 222 seafarers had received free basic and advanced training, while 333 cadets had completed academic training and obtained degrees.
“Under the Nigerian Seafarers Development Programme, 135 cadets successfully completed the programme and obtained Certificates of Competency,” he said.
The minister added that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the sea-time experience required for career advancement.
Oyetola said the initiatives demonstrate the Federal Government’s commitment to developing a competitive maritime workforce and ensuring that Nigerians directly benefit from opportunities created by the blue economy.
