The Federal Government has directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and participating financial institutions to accelerate the release of funds under the Cabotage Vessel Financing Fund (CVFF).
Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this in a statement issued by his Special Adviser on Media and Communications, Bolaji Akinola.
The directive is aimed at ending the prolonged delay surrounding access to the financing scheme and improving the capacity of Nigerian-owned shipping companies to acquire vessels and compete more effectively in the maritime industry.
The CVFF was created in 2003 under the Coastal and Inland Shipping (Cabotage) Act to provide long-term, relatively low-cost financing for vessel acquisition by eligible indigenous operators.
According to the minister, NIMASA has so far received 92 applications from prospective beneficiaries. Of these, 20 applications have been forwarded to Primary Lending Institutions (PLIs), while one has already undergone review and been submitted for final approval.
Oyetola said the Federal Government’s renewed push to operationalise the fund represents an important step towards increasing indigenous participation in Nigeria’s coastal and offshore shipping activities.
He recalled that in April 2025, he instructed NIMASA to begin the process of disbursing the CVFF after years of administrative delays.
The process was subsequently strengthened with the introduction of an online application portal in Lagos on January 22, providing qualified shipowners with a more structured and transparent avenue to seek financing.
The number of participating lending institutions was also expanded from five to 12. The increase, according to the minister, was intended to improve access to financing and reduce delays associated with loan processing.
Oyetola noted that the fund had accumulated for more than two decades without being accessed by beneficiaries. He said its effective deployment would help Nigerian operators purchase vessels, secure more coastal shipping contracts and reduce the country’s dependence on foreign-owned vessels.
He added that increased indigenous participation could also help retain more economic value within Nigeria while creating employment opportunities across shipbuilding, marine engineering, logistics and related sectors.
The minister estimated that the initiative could generate more than 30,000 direct and indirect jobs as investment in the maritime value chain expands.
He said the disbursement drive followed President Bola Tinubu’s approval to tackle persistent financing challenges in the sector and unlock greater opportunities within Nigeria’s blue economy.
Beyond vessel financing, Oyetola said the Federal Government was also working to strengthen the country’s maritime workforce through training and certification programmes administered by NIMASA.
He disclosed that 222 Nigerian seafarers had benefited from free basic and advanced training, while 333 cadets had completed their academic programmes and earned degrees.
The minister further stated that 135 cadets under the Nigerian Seafarers Development Programme had completed their training and obtained Certificates of Competency.
In addition, 7,059 Nigerian seafarers had reportedly been placed onboard vessels to gain the sea-time experience required for career advancement.
Oyetola said the various initiatives were part of the government’s broader effort to build a stronger maritime industry, develop local expertise and ensure that Nigerians benefit more directly from opportunities created by the blue economy.
