The Federal Government has stepped up efforts to make the Cabotage Vessel Financing Fund (CVFF) accessible to Nigerian shipowners after more than 20 years of delays.
Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed approved lenders to speed up the processing of applications submitted by qualified beneficiaries.
Oyetola also instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved Primary Lending Institutions (PLIs) to ensure the financing process is accelerated and funds are disbursed to eligible applicants.
The move follows the submission of 92 applications under the CVFF programme, with 20 already forwarded to the approved lenders. One of the applications has also been reviewed and submitted for approval.
The CVFF was established to provide Nigerian shipowners with access to low-interest, long-term financing for the acquisition of vessels and expansion of their fleets. However, the fund has remained largely inaccessible to operators for more than two decades.
The government believes unlocking the fund will strengthen indigenous participation in Nigeria’s maritime industry, enable local operators to compete more effectively for coastal and offshore contracts, reduce dependence on foreign vessels and retain more maritime revenue within the country.
Oyetola, in a statement issued by his Special Adviser, Bolaji Akinola, said the government was committed to transforming the CVFF into an effective financing mechanism for operators in the country’s maritime sector.
According to the minister, the initiative could create more than 30,000 direct and indirect jobs across shipyards, marine engineering companies and maritime logistics firms.
The minister had earlier directed NIMASA in April 2025 to begin preparations for the disbursement of the fund as part of efforts to revitalise Nigeria’s indigenous shipping industry.
Further progress was made in January 2026 with the launch of the CVFF Application Portal in Lagos, designed to improve transparency and simplify the application process.
The government also increased the number of approved PLIs from five to 12 to broaden access to the financing.
Oyetola said the decision to proceed with disbursement followed President Bola Tinubu’s approval to tackle the long-standing financing difficulties confronting domestic maritime operators and unlock opportunities within the blue economy.
Government Boosts Seafarers’ Training
The minister also disclosed that the Federal Government was expanding efforts to train and develop Nigerian seafarers.
He said 222 seafarers had received free basic and advanced professional training, while 333 cadets had completed their academic programmes and obtained degrees.
Under the Nigerian Seafarers Development Programme, 135 cadets had completed their training and obtained Certificates of Competency.
Oyetola further revealed that 7,059 Nigerian seafarers had been placed onboard vessels to gain the sea-time experience required for professional development.
He said the initiatives were designed to build a skilled and competitive Nigerian maritime workforce and ensure that citizens benefit from employment and investment opportunities created by the expanding blue economy.
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