The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that qualified applicants are now eligible to access up to $25 million each from the Cabotage Vessel Financing Fund at competitive interest rates.
This was revealed in a statement issued by his Special Adviser on Media and Communications, Dr. Bolaji Akinola.
Oyetola also instructed NIMASA to initiate the disbursement of the Cabotage Vessel Financing Fund.
According to him, the fund is aimed at supporting shipowners in acquiring vessels that comply with international safety and performance standards.
Oyetola described the directive as a major departure from over 20 years of administrative stagnation, signaling a new era of strategic repositioning for Nigeria’s indigenous shipping industry.
The CVFF, created under the Coastal and Inland Shipping (Cabotage) Act of 2003, is intended to empower Nigerian shipping firms by providing structured financing for vessel acquisition.
The figure is estimated to have accrued up to $350m as of 2024. However, successive administrations failed to operationalize the fund until now.
Oyetola stated that the fund will be managed in partnership with vetted and approved Primary Lending Institutions to ensure transparent, efficient, and professionally handled disbursement.
“Qualified applicants can access up to $25m each at competitive interest rates to acquire vessels that meet international safety and performance standards.
“The disbursement of the CVFF would represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development,” he said.
The minister emphasized that the initiative goes beyond funding vessel purchases—it’s about investing in a future where Nigerian shipping companies can compete confidently on the global stage.
“This is a turning point that affirms our commitment to local content, economic resilience, and maritime sovereignty,” the minister said.
According to him, this initiative is more than just disbursing funds—it’s about rewriting a pivotal chapter in Nigeria’s maritime history.
“For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life deliberately, transparently, and strategically,” he said.
