The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) and the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners. 

Oyetola said significant progress had been made in processing applications under the CVFF framework, disclosing that NIMASA had received 92 funding applications, with 20 already submitted to the PLIs and one application reviewed and forwarded for approval. 

Oyetola, in a statement issued by his Special Adviser, Dr Bolaji Akinola, yesterday, said the directive underscores the determination to end the over two decades of delays surrounding the disbursement of the fund and unlocks a new era of growth, investment and job creation in Nigeria’s maritime sector. 

He said the push for the operationalisation of the CVFF marks a major milestone in the Federal Government’s efforts to strengthen indigenous participation in Nigeria’s maritime industry.

Recall that in April 2025, Oyetola directed NIMASA to commence the process for the long-awaited disbursement of the fund, followed by the launch of the CVFF Application Portal in Lagos in January 2026. 

Oyetola said the portal established a more transparent and structured process through which eligible Nigerian shipowners could apply for financing, further advancing the Federal Government’s efforts to institutionalise access to maritime finance. 

To further accelerate the process, Oyetola announced an expansion of the number of Primary Lending Institutions from five to 12. 

The CVFF, which has accumulated over more than two decades without being accessed by Nigerian shipowners, is expected to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets. 

The Minister said the initiative is designed to enable Nigerian shipowners to compete more effectively for lucrative coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain more value within the Nigerian economy. 

The Minister said the initiative has the potential to generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s domestic ship-owning and shipbuilding ecosystem.