Abuja, Nigeria – The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced that the long-delayed Cabotage Vessel Financing Fund (CVFF) will be disbursed in the coming months, with a full rollout expected in the second quarter of 2026.
Speaking at the 9th Nigeria International Energy Summit (NIES) in Abuja, Mrs. Nneka Obianyor, Director of Reforms Coordination and Blue Economy at NIMASA, revealed that the fund—though conceptualized over two decades ago—had been stalled due to challenges around transparency and equitable access.
“The fund has always existed, but implementation was delayed. We have now reviewed and strengthened the guidelines, appointed 12 Primary Lending Institutions (PLIs) including the Bank of Industry (BoI), and launched a dedicated cabotage portal to boost indigenous participation and local shipping capacity,” Obianyor said.
The CVFF application portal was recently launched by the Minister of Marine and Blue Economy, Adegboyega Oyetola, marking a significant step toward operationalizing the fund. NIMASA has also submitted amendments to the National Assembly to close gaps in the Cabotage Act, broadening access for qualified indigenous operators beyond vessel owners.
On enforcement, Obianyor highlighted “Operation Zero Tolerance,” a NIMASA initiative ensuring that only operators compliant with cabotage regulations—both foreign and local—will benefit from the fund.
Industry stakeholders, however, warn of persistent hurdles. Engr. Bassey Rex, CEO of AfricEnergy, noted that Nigerian operators still face high borrowing costs relative to international competitors, compounded by multiple taxes and a widening skills gap.
The disbursement of the CVFF is widely seen as a critical move to enhance Nigeria’s maritime capacity, promote local shipping, and strengthen indigenous participation in the blue economy.
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