The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed NIMASA to begin the disbursement process for the Cabotage Vessel Financing Fund (CVFF).
Oyetola issued the directive in a statement on Tuesday by Dr Bolaji Akinola, Media and Communications Adviser to the Minister.
The minister said the CVFF disbursement would yield significant benefits, including building a stronger, self-reliant shipping fleet and generating employment opportunities.
He noted that releasing the CVFF would also boost local shipbuilding and repair, while reducing capital flight linked to hiring foreign vessels.
Oyetola described the directive as a shift from over two decades of administrative delay, marking a new phase in Nigeria’s maritime repositioning.
The News Agency of Nigeria (NAN) reports that the CVFF was created under the 2003 Cabotage Act to support Nigerian shipping firms through structured vessel financing.
According to the minister, past administrations failed to implement the fund until now.
“Under President Bola Tinubu’s leadership and my stewardship, the Federal Government is taking a decisive course correction,” he said.
Oyetola stated that the CVFF’s release reflects a deep commitment to empowering local maritime operators and promoting economic sustainability.
“This is about more than funding,” Oyetola added. “For over 20 years, the CVFF was dormant. Today, we are activating it—deliberately and transparently,” he said.
NIMASA has issued a Marine Notice inviting eligible Nigerian shipping firms to apply for up to $25 million each at competitive interest rates.
The fund will be disbursed in partnership with approved Primary Lending Institutions (PLIs) to ensure efficiency and professionalism.
“We are investing in a future where Nigerian shipping firms can compete globally,” Oyetola said.
He described the move as a turning point, affirming support for local content, maritime sovereignty, and economic strength.
Industry stakeholders have hailed the decision as a “watershed moment” in Nigeria’s maritime development.
Experts believe that with proper implementation, the CVFF can enhance logistics, spur growth, and elevate global competitiveness.
“This should have happened years ago. A strong fleet is not just pride—it is strategic for our economy and jobs,” Oyetola said.
He added that this action by the Tinubu administration marks a historic milestone for Nigeria’s maritime sector.
Oyetola reaffirmed Nigeria’s readiness to lead on the global maritime stage through indigenous strength and political resolve. (NAN)
