In a landmark move poised to reshape Nigeria’s maritime landscape, Minister of Marine and Blue Economy, Gboyega Oyetola, on Tuesday 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).
According to a statement signed on Tuesday by the Media & Communications Adviser to the Minister of Marine and Blue Economy, Dr. Bolaji Akinola, the Minister said that the directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.
“Under the visionary leadership of President Bola Ahmed Tinubu, GCFR, and the determined stewardship of Minister Oyetola, 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.
“NIMASA, in alignment with the Honourable 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.
