By Onu Okorie

President Bola Tinubu has authorised the disbursement of the Cabotage Vessel Financing Fund (CVFF), in a move aimed at ending more than two decades of delays in accessing the facility and boosting indigenous participation in Nigeria’s maritime sector.
Following the presidential approval, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 primary lending institutions (PLIs) to fast-track the processing of applications under the fund.
Oyetola, in a statement issued on Sunday by his Special Adviser, Dr Bolaji Akinola, said the move would unlock investment, expand shipping capacity and create thousands of jobs across the maritime industry.
The minister disclosed that NIMASA had received 92 applications for funding under the CVFF, with 20 already submitted to the PLIs and one reviewed and forwarded for final approval.
“Under the Nigerian Seafarers Development Programme, 135 cadets completed the programme and obtained Certificates of Competency,” he said.
Oyetola further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience for career progression.
He said the interventions were part of the government’s broader commitment to building a competitive maritime workforce and ensuring that Nigerians directly benefited from the investment and employment opportunities created by the blue economy.
He described the operationalisation of the fund as a major milestone in the Federal Government’s efforts to strengthen indigenous participation in coastal and offshore shipping.
According to him, he directed NIMASA in April 2025 to commence the disbursement process, ending years of administrative stagnation and paving the way for the repositioning of Nigeria’s indigenous shipping capacity.
The minister said the process gained further momentum with the launch of the CVFF Application Portal in Lagos on January 22, designed to provide eligible shipowners with transparent and structured access to the financing facility.
He added that the number of PLIs was later increased from five to 12 to widen access to the fund and reduce bottlenecks in loan processing.
The CVFF, which has accumulated for more than two decades without being accessed, was established to provide low-interest, long-term financing for vessel acquisition.
Oyetola said access to the fund would enable Nigerian shipowners to compete more effectively for coastal shipping contracts, reduce the country’s dependence on foreign-owned vessels and ensure that more value generated by maritime activities is retained within the Nigerian economy.
He projected that the initiative could generate more than 30,000 direct and indirect jobs in shipyards, marine engineering firms and maritime logistics companies across the country.
The minister said the disbursement followed President Tinubu’s authorisation to tackle long-standing financing challenges and unlock the economic potential of Nigeria’s blue economy.
Beyond vessel financing, Oyetola said the ministry was also strengthening the development of Nigerian seafarers 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 completed their academic training and were awarded degrees.