The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin the long-awaited disbursement process of the Cabotage Vessel Financing Fund (CVFF).
This directive was contained in a statement signed on Tuesday in Abuja by Dr. Bolaji Akinola, Media and Communications Adviser to the minister.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was created to support Nigerian shipping companies through access to structured financing for vessel acquisition.
“Successive administrations failed to operationalize the fund until now,” Oyetola stated, describing the move as a significant departure from more than 20 years of administrative stagnation.
“Under the visionary leadership of President Bola Tinubu, and my determined stewardship, the Federal Government has signaled a deliberate course correction.
“The disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
“For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life deliberately, transparently, and strategically,” he said.
Oyetola revealed that NIMASA, in line with the ministry’s directive, had already issued a Marine Notice calling on eligible Nigerian shipping firms to apply for access to the fund.
According to the minister, qualified applicants may receive up to $25 million each at competitive interest rates to purchase vessels that meet global safety and performance standards.
He further noted that the fund would be administered in collaboration with carefully vetted Primary Lending Institutions (PLIs) to guarantee professional and efficient disbursement.
“The purpose is not merely funding vessels, but also investing in a future where Nigerian shipping companies could stand shoulder-to-shoulder with their international counterparts.
“This is a turning point, one that affirms our commitment to local content, economic resilience, and maritime sovereignty,” Oyetola said.
The minister emphasized that the disbursement of the CVFF is expected to stimulate significant benefits, including the development of a robust, self-sufficient shipping fleet, creation of employment, and revitalization of local shipbuilding and repair industries. He added that it would also curb capital flight associated with foreign vessel chartering.
Many industry experts, Oyetola noted, have praised the approval for the disbursement process, describing it as a potential game-changer for the Nigerian maritime sector.
“With proper implementation, the CVFF would help realign the industry toward long-term growth, enhanced logistics efficiency, and global relevance,” he said.
The minister affirmed the ministry’s clear vision of not only building a strong indigenous fleet but also creating a strategic national asset.
Through this initiative, he said, Nigeria would secure jobs, strengthen the economy, and redefine its place in the global maritime economy.
“This decisive action by the Tinubu administration and the Ministry of Marine and Blue Economy represents a historic milestone, reaffirming Nigeria’s readiness to take its rightful place on the global maritime stage.
“This is powered by indigenous capacity, guided by clear policy, and sustained by unwavering political will,” he said.
