Samson Echenim 
The Minister of Marine and Blue Economy, Adegboyega Isiaka Oyetola, has instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) to initiate the long-awaited disbursement process of the Cabotage Vessel Financing Fund (CVFF).
This directive marks a pivotal moment in the nation’s maritime history, ending over 20 years of administrative delays and setting the stage for the revitalization of Nigeria’s indigenous shipping industry.
Created under the Coastal and Inland Shipping (Cabotage) Act of 2003, the CVFF was designed to provide financial support to Nigerian shipping companies for the acquisition of vessels. Despite its promise, the fund had remained untouched by previous administrations—until now.
Under the administration of President Bola Ahmed Tinubu, GCFR, and with the firm leadership of Minister Oyetola, the Federal Government is charting a new path. The activation of the CVFF represents more than the release of financial resources—it’s a strategic move to strengthen local maritime operators, boost the country’s global competitiveness, and drive sustainable economic growth.
“This is not just about disbursing money,” said Oyetola. “It’s about correcting a longstanding oversight in our maritime history. After more than two decades, we are finally activating the CVFF—deliberately, transparently, and with purpose.”
In line with the Minister’s directive, NIMASA has issued a Marine Notice, calling on eligible Nigerian shipping firms to apply for the fund. Qualified companies may access up to $25 million each at competitive interest rates, intended for the acquisition of vessels that meet international safety and performance standards. The funds will be disbursed through selected Primary Lending Institutions (PLIs), ensuring a structured and efficient process.
“We’re not just financing vessels—we’re building a future where Nigerian shipping firms can compete globally,” Oyetola added. “This move affirms our commitment to local content, economic resilience, and maritime sovereignty.”
The anticipated impact of the CVFF disbursement is substantial. It is expected to strengthen Nigeria’s shipping fleet, create jobs, revitalize the shipbuilding and repair sectors, and curb the outflow of capital associated with hiring foreign vessels.
Industry leaders have described the development as a “milestone” in the evolution of Nigeria’s maritime sector. Analysts suggest that, if properly implemented, the fund could serve as a catalyst for long-term industry growth, greater logistics efficiency, and international relevance.
“We are taking decisive action because our goals are clear,” said Oyetola. “A strong local fleet isn’t just symbolic—it’s a strategic necessity. With this initiative, we’re creating jobs, bolstering the economy, and redefining Nigeria’s role in the global maritime landscape.”
