The Minister of Marine and Blue Economy, Adegboyega Oyetola, has ordered the Nigerian Maritime Administration and Safety Agency (NIMASA) to kickstart the long-delayed disbursement process for the Cabotage Vessel Financing Fund (CVFF).
This move, which ends more than two decades of administrative inertia, signals a bold shift in maritime policy and a strategic push toward empowering indigenous shipping operators. According to a statement by Dr. Bolaji Akinola, Media and Communications Adviser to the Minister, the directive is a critical milestone in the repositioning of Nigeria’s marine sector under President Bola Tinubu’s Renewed Hope agenda.
Established under the Coastal and Inland Shipping (Cabotage) Act of 2003, the CVFF was designed to support Nigerian shipping companies in acquiring vessels through structured financial assistance. However, for over 20 years, the fund remained untouched—a dormant promise unfulfilled by successive governments. That changes now.
Minister Oyetola, in a powerful statement, said the Tinubu administration is not just releasing funds—it is rewriting history. “This is not just about disbursing money; it’s about correcting a historical oversight and setting Nigerian shipping on a path to global relevance,” he said. “For over two decades, the CVFF was merely an aspiration. Today, it becomes a reality—deliberately, transparently, and strategically.”
NIMASA has already issued a Marine Notice, inviting eligible Nigerian shipping companies to apply for funding. Applicants will have access to up to $25 million at competitive interest rates, aimed at acquiring vessels that meet international safety and performance benchmarks. The fund will be managed in collaboration with vetted Primary Lending Institutions (PLIs) to ensure efficient and accountable disbursement.
According to Oyetola, this marks a turning point for Nigeria’s maritime ecosystem. “We are not just financing vessels; we are building a resilient indigenous fleet capable of competing globally. This initiative reinforces our commitment to local content, economic sustainability, and maritime sovereignty.”
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The potential impact of the CVFF rollout is far-reaching. It is expected to stimulate job creation, rejuvenate local shipbuilding and repair industries, and curb the outflow of foreign exchange tied to foreign vessel charters. It also aligns with the government’s broader economic diversification strategy, positioning Nigeria as a competitive force in the global maritime economy.
Stakeholders across the industry have welcomed the move as a “watershed moment.” Experts say the disbursement of the CVFF could catalyze a comprehensive maritime revival—enhancing logistics efficiency, boosting coastal trade, and reinforcing Nigeria’s claim to regional maritime dominance.
“We are doing what should have been done long ago because the vision is clear and the political will is strong,” Oyetola affirmed. “A strong indigenous fleet is not just a national pride—it is a strategic necessity. Through this intervention, we are securing maritime jobs, boosting our economy, and redefining Nigeria’s role on the global stage.”
This decisive step by the Tinubu administration is a bold declaration that Nigeria is ready to reclaim its maritime future—with indigenous capacity at its core and a clear roadmap for global relevance.
