From Adaku Onyenucheya (Lagos) and Joke Falaju (Abuja)
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, over two decades, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.
However, successive administrations failed to operationalise the fund for indigenous shipping until now. Oyetola, in a press statement by the Media and Communications Adviser to the Minister, Dr Bolaji Akinola, yesterday, lamented that for over 20 years, the CVFF remained a dormant promise.
He said this is not just about disbursing funds but about rewriting a chapter in the nation’s maritime history, saying: “Today, we are bringing it to life deliberately, transparently and strategically.”
NIMASA, in alignment with the Minister’s directive, has already issued a marine notice inviting eligible Nigerian shipping companies to apply. Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.
The fund will be administered in partnership with carefully selected and approved primary lending institutions (PLIs), ensuring professional and efficient disbursement.
“We are not merely funding vessels; we are investing in a future where Nigerian shipping companies can 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 added.
He said the disbursement of the CVFF is anticipated to yield far-reaching benefits and will enable the growth of a stronger, self-sufficient shipping fleet and generate employment opportunities.
Oyetola said it will also stimulate local shipbuilding and repair industries and significantly reduce capital flight associated with foreign vessel chartering.
Industry stakeholders have hailed the move as a “watershed moment” for Nigerian maritime development. Experts believe that with proper implementation, the CVFF will help realign the industry toward long-term growth, enhanced logistics efficiency, and global relevance.
“We are doing what should have been done years ago – because our vision is clear. A strong indigenous fleet is not just a matter of pride; it is a strategic national asset. Through this intervention, we will be securing jobs, strengthening our economy, and redefining our place in the global maritime economy,” said Oyetola.
He said this decisive action by the President Bola Tinubu administration and the Ministry of Marine and Blue Economy reaffirms Nigeria’s readiness to take its rightful place on the global maritime stage.
