The Federal Government is set to begin disbursing the long delayed Cabotage Vessel Financing Fund (CVFF), with qualified Nigerian shipowners eligible to access up to $25 million each to acquire vessels and expand their operations.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this, stating that the initiative would strengthen indigenous shipping, reduce foreign dominance in Nigeria’s maritime sector and create more than 30,000 direct and indirect jobs.
Oyetola said the CVFF, established over two decades ago to support Nigerian shipping companies in acquiring vessels and building indigenous capacity, had remained largely inaccessible to beneficiaries.
According to him, successful applicants will be able to access up to $25 million in financing, subject to assessment and approval. He said access to affordable, long-term financing would enable Nigerian shipowners to acquire modern vessels, expand their fleets and compete for coastal and offshore contracts currently dominated by foreign operators.
The minister also directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to accelerate the disbursement process in collaboration with 12 approved Primary Lending Institutions.
Oyetola disclosed that NIMASA had received 92 applications, with 20 forwarded to approved banks and one already reviewed and sent for approval. The government also increased the number of participating banks from five to 12 to accelerate access to the fund.
He further stressed that the expected impact would extend beyond vessel acquisition, as increased indigenous ownership could stimulate shipbuilding, marine engineering, vessel maintenance and maritime logistics.
The minister, however, estimated that the initiative could generate more than 30,000 direct and indirect jobs, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
He added that the government was also investing in manpower development, noting that Nigerian seafarers and cadets had benefited from professional training, academic programmes and sea-time placements.
Notably, The Government established the CVFF under the Coastal and Inland Shipping (Cabotage) Act of 2003, but delayed its disbursement for more than two decades.
The Federal Government launched the fund’s application portal in January 2026 as part of efforts to revive the scheme.
By Musekir Faisat OmolaraÂ
