The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, on Thursday, January 22, 2026, officially launched and unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal, marking a historic milestone in Nigeria’s long-delayed effort to operationalise structured financing for indigenous ship ownership.
City Business News reports that the event, held at Eko Hotel and Suites, Victoria Island, Lagos, attracted senior government officials, maritime industry leaders, legislators and key stakeholders across the sector.
Declaring the portal open, Dr. Oyetola described the occasion as a deliberate and strategic step towards repositioning Nigeria’s maritime sector as a central pillar of national development. He noted that the launch aligns with the Federal Government’s broader objective of economic diversification and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” the Minister said. “A major constraint has been the absence of a functional, credible and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative.”
Dr. Oyetola recalled that the Cabotage Vessel Financing Fund, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing challenges faced by Nigerian shipowners. He acknowledged, however, that institutional and structural issues over the years delayed its operationalisation.
According to him, upon assuming office, the Ministry adopted a clear policy direction to strengthen Nigeria’s maritime capacity and ensure that the CVFF is implemented strictly in line with sound governance and financial principles.
“The CVFF is structured as a strategic development instrument,” he said. “By facilitating access to competitive vessel financing for indigenous operators, we aim to reduce reliance on foreign-flagged vessels in our coastal trade, retain value within the domestic economy, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair and maritime services.”
The Minister stressed that the impact of the Fund goes beyond economics, noting that a stronger indigenous fleet would enhance maritime safety and security, while supporting national efforts to maintain a regulated and efficient maritime domain. He reminded prospective beneficiaries that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
Dr. Oyetola explained that the newly launched digital portal would serve as the institutional gateway for the transparent administration of the Fund. Through the platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions.
He added that the portal aligns with the Federal Government’s e-Government agenda and ongoing efforts to reduce bureaucratic bottlenecks and improve ease of doing business.
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent and responsive,” he said, expressing confidence that the initiative would strengthen the shipping industry, empower Nigerian enterprises and contribute meaningfully to national growth.
Also speaking at the event, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, reaffirmed the agency’s commitment to ensuring that the CVFF delivers on its mandate. He disclosed that NIMASA has established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.
“Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” he said.
Dr. Mobereola assured stakeholders of professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence and transparent monitoring of the entire process, stressing that the agency is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practices.
Goodwill messages were delivered by the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinloku, and the Chairman of the House Committee on Maritime Safety, Education and Administration, Hon. Khadija Bukar Abba Ibrahim. Both lawmakers commended the Minister and NIMASA for what they described as a landmark achievement that responds to the long-standing demands of the maritime community. They pledged continued legislative support to ensure effective implementation of the Fund and sustained reforms in the sector.
Industry stakeholders also expressed strong support for the initiative. The President of the Nigerian Maritime Law Association, Mike Igbokwe (SAN); President of the Nigerian Chamber of Shipping, Aminu Umar; President of the Nigerian Shipowners Association, Sola Adewunmi; and President of the Shipowners Association of Nigeria, Sonny Eja, all praised the Minister and NIMASA for their commitment to unlocking the CVFF. They described the portal launch as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.
The CVFF was established under the Cabotage Act of 2003 to provide structured financing for Nigerian shipping companies to acquire vessels and participate meaningfully in domestic maritime trade.
However, for more than two decades, the Fund remained largely inaccessible, forcing indigenous operators to rely on costly foreign financing or foreign-flagged vessels.
In 2025, Dr. Oyetola directed NIMASA to commence the process of disbursing the CVFF, signalling a firm commitment to actualising the Fund’s original intent. In response, NIMASA issued a Marine Notice inviting eligible Nigerian shipping companies to submit applications. Qualified applicants are expected to access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet international safety and performance standards, in collaboration with carefully vetted Primary Lending Institutions.
A statement issued by the
Dr. Bolaji Akinola,
Special Adviser to the Minister explained that
with the unveiling of the CVFF Application Portal, stakeholders believe Nigeria has taken a long-awaited step towards building a robust indigenous fleet, retaining maritime value within the national economy and positioning the country as a stronger player in the global marine and blue economy.
