The Federal Government is set to begin the disbursement of the long-awaited Cabotage Vessel Financing Fund (CVFF), with qualified Nigerian shipowners eligible to access up to $25 million each to acquire vessels and expand their operations.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Monday, saying the initiative would strengthen indigenous shipping capacity and potentially create more than 30,000 direct and indirect jobs across the maritime sector.
Oyetola said the government was finally moving to unlock the fund more than two decades after its establishment, describing access to affordable, long-term financing as one of the major challenges limiting the growth of Nigerian-owned shipping companies.
“After more than 20 years, we are finally moving to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners,” the minister said.
According to him, successful applicants will be able to access up to $25 million in financing, subject to the applicable assessment and approval process.
He said the funding would enable Nigerian shipowners to acquire modern vessels, expand their fleets and compete more effectively for coastal and offshore contracts currently dominated by foreign operators.
Oyetola disclosed that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement process.
He said NIMASA had so far received 92 applications, with 20 forwarded to the approved banks and one already reviewed and forwarded for approval.
The minister added that the number of approved banks had been increased from five to 12, while a CVFF application portal had been launched to make the process more transparent and accessible.
Beyond vessel acquisition, Oyetola said the fund was expected to stimulate growth in shipbuilding, marine engineering, vessel maintenance, maritime logistics and other supporting industries.
He projected that the initiative could generate more than 30,000 direct and indirect jobs while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
The minister also highlighted government efforts to develop skilled manpower for the maritime industry. He said 222 seafarers had received free professional training, while 333 cadets had completed academic training and obtained degrees.
According to him, 135 cadets under the Nigerian Seafarers Development Programme (NSDP) have obtained Certificates of Competency, while 7,059 Nigerian seafarers have been placed onboard vessels to gain sea-time experience.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies in acquiring vessels and building indigenous capacity. However, its disbursement has remained stalled for more than 20 years.
The Federal Government launched the CVFF application portal in January 2026, with successful applicants announced as eligible to access up to $25 million in financing.
Oyetola said the government remained committed to ensuring that Nigerians own and operate more vessels and take a greater share of the economic opportunities generated by activities within the country’s maritime space.
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