Following more than 20 years of setbacks, the Federal Government has taken fresh steps to unlock the Cabotage Vessel Financing Fund for Nigerian shipowners, as the Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed lenders to expedite the processing of applications.
Oyetola instructed the Nigerian Maritime Administration and Safety Agency to collaborate with the 12 approved Primary Lending Institutions, PLIs, to speed up the processing and disbursement of funds to qualified beneficiaries.
This development comes as 92 applications have so far been received under the CVFF framework, with 20 of them already forwarded to the approved lenders, while one application has been reviewed and submitted for approval.
The minister’s directive is intended to bring an end to years of delays that have kept Nigerian shipowners from accessing the fund, which was established to support vessel acquisition and boost indigenous participation in the maritime sector.
In a statement issued by his Special Adviser, Dr Bolaji Akinola, Oyetola said the Federal Government was resolved to turn the CVFF into a functional financing instrument for Nigerian maritime operators.
The fund, which has been accumulating for over two decades, is structured to offer low-interest, long-term financing that will enable Nigerian shipowners to acquire modern vessels and expand their fleets.
The Federal Government anticipates that improved access to the fund will help indigenous operators compete more effectively for coastal and offshore contracts, cut down reliance on foreign vessel operators, and retain a larger share of maritime earnings within the Nigerian economy.
Oyetola said the intervention has the potential to create more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies.
The minister had, in April 2025, directed NIMASA to begin the process of disbursing the fund, describing the move as part of broader efforts to reposition Nigeria’s indigenous shipping industry.
The process gained further momentum in January 2026 with the launch of the CVFF Application Portal in Lagos, which was designed to improve transparency and streamline the application process.
The government also expanded the number of approved PLIs from five to 12 in an effort to widen access to the financing.
Oyetola explained that the decision to commence disbursement followed President Bola Tinubu’s authorisation to tackle the lingering financing challenges confronting domestic maritime operators and to unlock opportunities within the blue economy.
Meanwhile, Oyetola disclosed that the Federal Government was also scaling up investments in the training and development of Nigerian seafarers.
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, NSDP, the minister said 135 cadets had completed their training and obtained Certificates of Competency, CoC.
He further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to gain the required sea-time experience.
Oyetola said the initiatives were geared towards building a competitive Nigerian maritime workforce and positioning citizens to benefit from the employment and investment opportunities expected to arise from the growth of the blue economy.
