MON SEPT 07 2026-theGBJournal| The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with 12 approved banks to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners, more than two decades after the fund was established.
Minister of Marine and Blue Economy, Adegboyega Oyetola, said each successful applicant could access up to $25 million in financing to acquire vessels, subject to the applicable assessment and approval process.
“I have, therefore, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved banks, known as Primary Lending Institutions (PLIs), to accelerate the disbursement of the fund to qualified applicants,” Oyetola said.
Oyetola described the move as a major step towards building a stronger Nigerian-owned shipping industry, creating jobs and ensuring that more of the value generated from activities in Nigeria’s maritime space remains in the country.
NIMASA has so far received 92 applications, of which 20 have been forwarded to the Primary Lending Institutions, while one application has been reviewed and forwarded for approval, the minister said.
The government has also expanded the number of approved banks from five to 12 and launched the CVFF Application Portal to make the process more transparent, structured and accessible.
“After more than 20 years, we are finally moving to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners,” Oyetola said.
He said access to affordable, long-term financing had been one of the major constraints to the growth of Nigerian-owned shipping companies.
“Under the CVFF, each successful applicant will be able to access up to $25 million in financing to acquire vessels, subject to the applicable assessment and approval process,” he said.
“With access to financing at very low interest rates, our shipowners can acquire modern vessels, expand their fleets and compete for coastal and offshore contracts that are currently dominated by foreign operators.”
Oyetola said the government’s objective was to increase the number of Nigerian-owned vessels operating on Nigerian waters and expand the participation of Nigerian businesses in the maritime economy.
“Our objective is to ensure that more Nigerian-owned vessels operate on Nigerian waters, more Nigerian businesses participate in our maritime economy, and more Nigerians benefit from the wealth our waters generate,” he said.
“Providing Nigerian shipowners with the financial capacity to acquire vessels is a critical step towards reducing foreign dominance in our maritime space.”
The minister said the disbursement of the CVFF could help create a stronger indigenous fleet and stimulate activity across shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries.
He added that the initiative could create more than 30,000 direct and indirect jobs while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
“This initiative is part of the Tinubu Administration’s commitment to unlocking the full potential of Nigeria’s Blue Economy, strengthening indigenous capacity and ensuring that Nigerians take a greater share of the opportunities in our maritime sector,” Oyetola said.
Building the workforce
Oyetola said vessel financing was only one part of the government’s strategy to build a stronger indigenous maritime industry, adding that investment was also being made in the people needed to power the sector.
“So far, 222 seafarers have received free professional training, 333 cadets have completed their academic training and obtained degrees, while 135 cadets under the Nigerian Seafarers Development Programme (NSDP) have obtained their Certificates of Competency,” he said.
“In addition, 7,059 Nigerian seafarers have been placed onboard vessels to gain valuable sea-time experience.”
Oyetola said the government remained determined to ensure that Nigerians own, operate and benefit from economic activities taking place in the country’s maritime space.
“We are building the capacity to make that happen — through vessel financing, skills development, indigenous enterprise and strategic investment in our maritime sector,” he said.
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