More than 20 years after it was established, the Cabotage Vessel Financing Fund (CVFF) is finally moving toward disbursement, with the Minister of Marine and Blue Economy, Adegboyega Oyetola, directing lenders to fast-track applications from Nigerian shipowners.
Oyetola has instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with the 12 approved Primary Lending Institutions (PLIs) to speed up processing and disbursement to qualified beneficiaries.
So far, 92 applications have been received under the CVFF framework. Of these, 20 have already been forwarded to lenders, and one has been reviewed and submitted for final approval.
The directive is meant to end years of delay that have kept Nigerian shipowners from accessing the fund, which was set up to support vessel acquisition and boost indigenous participation in the maritime sector.
In a statement issued by his Special Adviser, Dr Bolaji Akinola, Oyetola said the Federal Government is committed to making the CVFF a functional financing tool for maritime operators. The fund, built up over more than two decades, is designed to give Nigerian shipowners access to low-interest, long-term financing to acquire modern vessels and grow their fleets.
Government officials expect that easier access to the fund will help local operators compete more effectively for coastal and offshore contracts, cut dependence on foreign vessel operators, and keep more maritime earnings within the Nigerian economy.
Oyetola said the intervention could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms, and maritime logistics companies.
The minister first directed NIMASA to begin the disbursement process in April 2025, describing it as part of a broader push to reposition Nigeria’s indigenous shipping industry. That effort gained momentum in January 2026 with the launch of the CVFF Application Portal in Lagos, aimed at improving transparency and streamlining applications. The government also expanded the number of approved PLIs from five to 12 to widen access to financing.
According to Oyetola, the decision to begin disbursement followed President Bola Tinubu’s authorisation to tackle the long-standing financing challenges facing domestic maritime operators and to unlock opportunities in the blue economy.
Seafarers get a boost
Oyetola also said the Federal Government is expanding investment in training Nigerian seafarers. He disclosed that 222 seafarers have received free training in basic and advanced professional courses, while 333 cadets have completed their academic training and earned degrees.
Under the Nigerian Seafarers Development Programme (NSDP), 135 cadets have completed training and obtained Certificates of Competency (CoC). Additionally, 7,059 Nigerian seafarers have been placed onboard vessels to gain the required sea-time experience.
Oyetola said these initiatives are aimed at building a competitive Nigerian maritime workforce and positioning citizens to benefit from the employment and investment opportunities expected to arise from the growth of the blue economy.
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