By: Ganiyu Olayinka
The Federal Government has taken concrete steps to release the long-delayed Cabotage Vessel Financing Fund (CVFF) to Nigerian shipowners, more than 20 years after the scheme was established. The Minister of Marine and Blue Economy, Adegboyega Oyetola, has instructed lenders to speed up the processing of pending applications.
Oyetola directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to collaborate with the 12 approved Primary Lending Institutions (PLIs) in accelerating the review and release of funds to eligible applicants.
The directive comes after NIMASA received 92 applications under the CVFF scheme. Of these, 20 have already been sent to lending institutions, and one has cleared review and been submitted for final approval.
According to the minister, the goal is to bring an end to the years-long delay that has kept Nigerian shipowners from tapping into the fund, which was set up to finance vessel acquisition and boost local participation in the maritime industry.
In a statement released through his Special Adviser, Dr Bolaji Akinola, Oyetola reaffirmed the government’s commitment to turning the CVFF into a fully operational financing tool for maritime operators in the country.
Built up over more than two decades, the fund is intended to offer indigenous shipowners low-interest, long-term loans to help them buy modern vessels and grow their fleets.
Government officials say wider access to the fund will help Nigerian operators bid more competitively for coastal and offshore contracts, cut reliance on foreign-owned vessels, and keep a greater share of maritime revenue within the country.
Oyetola projected that the initiative has the potential to generate over 30,000 direct and indirect jobs in shipyards, marine engineering firms, and maritime logistics companies.
The push to disburse the fund dates back to April 2025, when the minister first directed NIMASA to begin preparations for its release as part of a broader plan to revive Nigeria’s indigenous shipping sector. Momentum picked up in January 2026 with the launch of the CVFF Application Portal in Lagos, introduced to make the application process more transparent and efficient. The government also expanded the roster of approved PLIs from five to 12 to widen access to financing.