FG Directs NIMASA, Banks To Fast-Track CVFF Disbursement To Shipowners

By Stella Okocha

The Federal Government has directed the Nigerian Maritime Administration and Safety Agency, NIMASA, to work with Primary Lending Institutions, PLIs, to accelerate disbursement of the Cabotage Vessel Financing Fund, CVFF, to qualified indigenous shipowners.

The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, gave the directive on Friday at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Ministry held in Victoria Island, Lagos.

Oyetola said the administration is committed to strengthening indigenous shipping capacity and ensuring full implementation of the Coastal and Inland Shipping (Cabotage) Act.

“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,” he said.

He said the CVFF remains a critical tool for expanding indigenous participation in shipping, with potential to boost fleet expansion, shipbuilding, marine engineering, vessel maintenance and maritime logistics.

“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” the minister said.

He assured that while progress may be slow, the government’s direction on the fund remains firm.

“Progress may require patience, but our direction remains firm,” he said.

Oyetola added that the ultimate goal is to build an industry where Nigerians have the opportunities, capabilities and resources to own, operate and lead.

“Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” he said.

He emphasized the need for professional training, local expertise development and strategic investment to build a competitive domestic maritime sector.

The event also featured a presentation by the Ambassador of the Kingdom of Denmark to Nigeria, Jens Ole Bach Hansen, on “Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria.”