The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) and 12 approved Primary Lending Institutions (PLIs) to fast-track the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
The directive is aimed at ending more than two decades of delays surrounding access to the fund and unlocking increased investment, indigenous shipping capacity and job creation in Nigeria’s maritime sector.
Oyetola, in a statement issued on Sunday by his Special Adviser, Dr Bolaji Akinola, disclosed that NIMASA had received 92 applications for CVFF funding, with 20 already submitted to the PLIs and one application reviewed and forwarded for approval.
The Minister said the development represented significant progress in the Federal Government’s efforts to operationalise the long-awaited financing scheme and strengthen indigenous participation in the maritime industry.
In April 2025, Oyetola had directed NIMASA to commence the process for the disbursement of the CVFF, following years of administrative delays.
The process was further advanced with the launch of the CVFF Application Portal in Lagos on January 22, 2026, providing a more transparent and structured platform for eligible Nigerian shipowners to apply for funding.
Oyetola also expanded the number of approved PLIs from five to 12 in a bid to accelerate access to the fund.
The CVFF, which has accumulated for more than 20 years, is expected to provide low-interest, long-term financing to Nigerian shipowners for the acquisition of modern vessels and expansion of indigenous fleets.
The initiative is expected to enable Nigerian operators to compete more effectively for coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain a greater share of maritime earnings within the Nigerian economy.
According to the Minister, the scheme has the potential to generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies.
Oyetola said the decision to commence the disbursement followed President Bola Ahmed Tinubu’s authorisation to address the long-standing financing challenges confronting domestic maritime operators and unlock the economic potential of Nigeria’s blue economy.
Beyond vessel financing, the Minister said the Federal Government was also strengthening the development of Nigerian seafarers through expanded training, certification and welfare programmes implemented through NIMASA.
He disclosed that 222 seafarers had been trained free of charge in basic and advanced professional courses, while 333 cadets had completed their academic training and obtained degrees.
He added that, under the Nigerian Seafarers Development Programme (NSDP), 135 cadets had successfully completed the programme and obtained their Certificates of Competency.
Oyetola further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience.
He said the interventions were part of the Federal Government’s broader efforts to build a competitive maritime workforce, strengthen indigenous capacity and ensure that Nigerians directly benefit from opportunities in the blue economy.