In a landmark move set to reshape Nigeria’s maritime sector, the Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin the process that will lead to the long-anticipated disbursement of the Cabotage Vessel Financing Fund (CVFF).
This directive signals a major shift from over two decades of administrative inertia and paves the way for the strategic revitalisation of Nigeria’s indigenous shipping industry.
Established under the Coastal and Inland Shipping (Cabotage) Act of 2003, the CVFF was created to support Nigerian-owned shipping companies by providing structured financing for vessel acquisition. However, despite its potential, the fund remained undisbursed for more than 20 years under successive administrations.
Now, under the leadership of President Bola Tinubu and the stewardship of Oyetola, the Federal Government is setting a new course. The disbursement of the CVFF not only represents the release of long-held funds but also reinforces the administration’s commitment to empowering local operators, boosting competitiveness, and driving sustainable growth in the maritime sector.
“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history,” Oyetola said. “For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life – deliberately, transparently, and strategically.”
In response to the minister’s directive, NIMASA has issued a Marine Notice inviting qualified Nigerian shipping companies to apply. Eligible applicants can access up to $25 million each, at competitive interest rates, for acquiring vessels that meet global safety and performance benchmarks. The fund will be administered through select, vetted Primary Lending Institutions (PLIs), ensuring professionalism and transparency in the disbursement process.
“We are not merely funding vessels; we are investing in a future where Nigerian shipping companies can compete globally,” Oyetola said. “This is a turning point – one that reinforces our dedication to local content, maritime sovereignty, and economic resilience.”
The implementation of the CVFF is expected to deliver significant benefits. It will support the growth of a robust, self-reliant indigenous fleet, create jobs, stimulate local shipbuilding and repair sectors and reduce capital flight caused by reliance on foreign vessel chartering.
Maritime stakeholders have lauded the decision as a “watershed moment” for Nigeria’s shipping industry. Analysts believe that, if implemented effectively, the fund will reposition the country’s maritime sector for long-term growth, improved logistics capacity and increased global relevance.
“This is something that should have happened years ago,” Oyetola said. “But we’re making it happen now – because our vision is clear. A strong indigenous fleet is not just symbolic; it is a strategic economic asset.”
With this bold step, the Tinubu administration is signaling Nigeria’s readiness to assert its place on the global maritime stage – driven by local capacity, backed by clear policy and anchored by unwavering political will.
