Oyetola Directs NIMASA, Lenders to Fast-Track CVFF Disbursement.

By Stella Okocha 

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.

The directive is part of the Federal Government’s renewed effort to end more than two decades of delays in accessing the fund and strengthen indigenous participation in Nigeria’s maritime industry.

In a statement issued on Sunday by his Special Adviser, Dr Bolaji Akinola, Oyetola disclosed that NIMASA had received 92 applications under the CVFF framework. Of these, 20 had been forwarded to the approved lending institutions, while one application had been reviewed and sent for approval.

The minister said the progress marked a significant step towards making the CVFF a functional financing instrument for Nigerian maritime operators and unlocking new opportunities for investment, fleet expansion and job creation.

The CVFF has remained largely inaccessible to Nigerian shipowners for more than two decades, despite being established to support indigenous operators with long-term, low-interest financing for vessel acquisition and fleet development.

Oyetola said the fund would enable Nigerian shipowners to acquire modern vessels, expand their fleets and compete more effectively for coastal and offshore shipping contracts. It is also expected to reduce dependence on foreign vessel operators and retain a greater share of maritime earnings within the Nigerian economy.

According to the minister, the initiative has the potential to generate more than 30,000 direct and indirect jobs across shipyards, marine engineering companies and maritime logistics firms, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.

Oyetola had in April 2025 directed NIMASA to commence the process for the disbursement of the CVFF, signalling a renewed attempt to resolve the longstanding administrative challenges surrounding the fund.

The process gained further momentum with the launch of the CVFF Application Portal in Lagos on January 22, 2026. The portal was designed to provide eligible Nigerian shipowners with a more transparent and structured channel for submitting financing applications.

The government subsequently increased the number of approved PLIs from five to 12 in a bid to widen access to financing and accelerate the processing of applications.

Oyetola said the decision to move ahead with the disbursement followed President Bola Ahmed Tinubu’s authorisation to address the longstanding financing challenges facing domestic maritime operators and unlock the economic potential of Nigeria’s blue economy.

Beyond vessel financing, the minister said the Federal Government was also investing in the development of Nigerian seafarers through expanded training, certification and welfare programmes being implemented by the Ministry of Marine and Blue Economy and NIMASA.

Oyetola disclosed that 222 seafarers had received free training in basic and advanced professional courses, while 333 cadets had completed their academic training and obtained degrees.

Under the Nigerian Seafarers Development Programme (NSDP), he said 135 cadets had successfully completed the programme and obtained Certificates of Competency (CoC).

The minister further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the sea-time experience required for professional advancement.

Oyetola said the interventions formed part of the Federal Government’s broader strategy to build a competitive maritime workforce, strengthen indigenous capacity and ensure that Nigerians benefit directly from the economic opportunities created by the blue economy.

The government’s renewed push to operationalise the CVFF now places the focus on moving approved applications through the lending process and translating the long-awaited fund into tangible investments in Nigeria’s indigenous shipping capacity.