The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has reaffirmed the Federal Government’s commitment to strengthening indigenous shipping capacity, assuring Nigerian shipowners of sustained support and pledging to facilitate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified applicants.
Oyetola gave the assurance on Friday at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy in Victoria Island, Lagos.
He said the administration remained committed to the effective implementation of the Coastal and Inland Shipping (Cabotage) Act to ensure that Nigerians play a greater role in the ownership and operation of vessels engaged in domestic maritime trade.
“To our indigenous shipowners, I wish to reaffirm this Administration’s commitment to the development of indigenous shipping capacity and the effective implementation of the Coastal and Inland Shipping (Cabotage) Act,” the minister said.
Addressing concerns over access to financing, Oyetola disclosed that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to collaborate with approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the CVFF to eligible beneficiaries.
“Progress may require patience, but our direction remains firm,” he said, emphasising the government’s resolve to advance the implementation of the fund.
The CVFF is a key financing mechanism established to support indigenous shipowners and expand Nigerian participation in the maritime industry. Its effective disbursement is expected to facilitate vessel acquisition, strengthen the national fleet and improve the capacity of local operators to compete in the domestic shipping market.
According to Oyetola, the impact of the fund would extend beyond vessel acquisition to other segments of the maritime value chain, including shipbuilding, marine engineering, vessel maintenance and maritime logistics.
He noted that expanding indigenous shipping capacity was central to the government’s broader objective of ensuring that Nigerians derive greater economic benefits from the country’s maritime resources.
“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” he said.
The minister also underscored the importance of professional training, skills development, support for indigenous enterprises and strategic investments in building a competitive domestic maritime industry.
“Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” Oyetola added.
At the engagement, the Ambassador of the Kingdom of Denmark to Nigeria, Jens Ole Bach Hansen, delivered a presentation titled “Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria.”
The presentation focused on Denmark’s experience in developing a sustainable blue economy and the potential lessons for Nigeria in strengthening strategic partnerships, attracting investment and facilitating technology transfer.
