President Bola Tinubu has authorised the disbursement of the Cabotage Vessel Financing Fund, ending more than two decades of delays in accessing the intervention, the Minister of Marine and Blue Economy, Adegboyega Oyetola, has said.
Oyetola, in a statement issued on Sunday by his Special Adviser, Bolaji Akinola, directed the Nigeria Maritime Administration and Safety Agency and 12 Primary Lending Institutions to fast-track the processing of applications to unlock investment, indigenous shipping capacity and jobs.
The minister said NIMASA had received 92 applications under the CVFF, with 20 already forwarded to the PLIs and one reviewed and sent for final approval.
He described the development as a major milestone in the Federal Government’s efforts to strengthen indigenous participation in coastal and offshore shipping.
Oyetola recalled that he directed NIMASA in April 2025 to commence the disbursement of the fund after years of administrative stagnation.
He said the government subsequently launched the CVFF Application Portal in Lagos on January 22 to provide eligible shipowners with transparent and structured access to the fund.
The minister said the number of PLIs was also increased from five to 12 to widen access and reduce bottlenecks in processing applications.
The CVFF, which has accumulated for more than 20 years without being accessed, was designed to provide low-interest, long-term financing for vessel acquisition.
According to Oyetola, the fund will enable Nigerian shipowners to compete for coastal shipping contracts, reduce reliance on foreign vessels and retain more value in the domestic economy.
He projected that the initiative could create more than 30,000 direct and indirect jobs in shipyards, marine engineering firms and maritime logistics companies across the country.
Oyetola said the disbursement followed Tinubu’s authorisation to tackle longstanding financing challenges and unlock the economic potential of the blue economy.
Beyond vessel financing, the minister said the ministry was also strengthening the maritime workforce through expanded training, certification and welfare programmes implemented by NIMASA.
He disclosed that 222 seafarers had received free training in basic and advanced courses, while 333 cadets had completed academic training and obtained degrees.
“Under the Nigerian Seafarers Development Programme, 135 cadets successfully completed the programme and obtained Certificates of Competency,” Oyetola said.
He added that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience for career progression.
The minister said the interventions demonstrated the government’s commitment to building a competitive maritime workforce and ensuring that Nigerians benefited directly from opportunities created by the blue economy.
