The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced the long-awaited rollout of the Cabotage Vessel Financing Fund (CVFF), with eligible Nigerian shipping firms now able to access up to $25 million each at competitive interest rates.
The fund, which has accrued about $350 million since its inception in 2003, is aimed at empowering indigenous shipowners to acquire modern vessels that meet global standards.
According to a statement by Dr. Bolaji Akinola, the minister's media adviser, the Nigerian Maritime Administration and Safety Agency (NIMASA) has been instructed to initiate the fund's disbursement. This move breaks more than two decades of inaction and signifies a strategic overhaul of Nigeria's maritime industry.
Oyetola emphasized that the disbursement will be handled in collaboration with carefully chosen Primary Lending Institutions to ensure professionalism and transparency.
The initiative is a pivotal part of the Federal Government's agenda under President Bola Tinubu to reposition Nigeria's maritime sector for global competitiveness and economic sustainability.
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He described this development as a transformative shift, not just in funding access, but in enhancing national capacity, reducing reliance on foreign vessels, and fostering local job creation and shipbuilding.
In line with this new direction, NIMASA has issued a Marine Notice, inviting qualified Nigerian shipping companies to apply. The minister reiterated that this is a crucial investment in national maritime sovereignty and economic resilience, adding that a strong indigenous fleet is essential for Nigeria's strategic growth and global maritime standing.
