By Faith Anisiobi, The Sight News
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, CON, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
Oyetola gave the directive as the Federal Government intensifies efforts to end more than two decades of delays in accessing the fund and boost investment, indigenous shipping capacity and job creation in the maritime sector.
In a statement issued on Sunday by his Special Adviser, Dr. Bolaji Akinola, the Minister said significant progress had been made in processing applications under the CVFF framework.
He disclosed that NIMASA had received 92 funding applications, with 20 already submitted to the PLIs and one application reviewed and forwarded for approval.
The Minister said the operationalization of the CVFF represented a major milestone in the Federal Government’s efforts to strengthen indigenous participation in Nigeria’s maritime industry.
Oyetola recalled that in April 2025, he directed NIMASA to commence the process for the long-awaited disbursement of the fund, describing the move as a decisive step towards ending years of administrative delays and repositioning Nigeria’s indigenous shipping capacity.
The process gained further momentum with the launch of the CVFF Application Portal in Lagos on January 22, 2026. According to the Minister, the portal established a more transparent and structured process for eligible Nigerian shipowners to apply for financing.
To further accelerate access to the fund, Oyetola also expanded the number of PLIs from five to 12.
The CVFF, which has accumulated for more than two decades without being accessed by Nigerian shipowners, is expected to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets.
The initiative is designed to enhance the ability of Nigerian shipowners to compete for coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain more value within the Nigerian economy.
Oyetola said the initiative could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s domestic ship-owning and shipbuilding ecosystem.
He said the Federal Government’s decision to commence disbursement of the CVFF followed President Bola Ahmed Tinubu’s authorization to address the long-standing financing needs of domestic maritime operators and unlock the economic potential of the blue economy.
Beyond vessel financing, the Minister said the government was also investing in the development of Nigerian seafarers through expanded training, certification and welfare initiatives being implemented by the Ministry and NIMASA.
He disclosed that 222 seafarers had been trained free of charge in basic and advanced professional courses, while 333 cadets had completed their academic training and obtained degrees.
Under the Nigerian Seafarers Development Programme (NSDP), Oyetola said 135 cadets had successfully completed the programme and obtained their Certificates of Competency (CoC).
He further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required seatime experience.
According to the Minister, the interventions form part of the Federal Government’s broader efforts to build a competitive maritime workforce, strengthen indigenous capacity and ensure that Nigerians benefit directly from the opportunities emerging from the blue economy.
