Nigeria has taken a major step toward strengthening indigenous ship ownership with the official launch of the Cabotage Vessel Financing Fund (CVFF) Application Portal by the Minister of Marine and Blue Economy,Dr. Adegboyega Oyetola.
The unveiling, which took place in Lagos on Thursday, drew top government officials, lawmakers, maritime industry leaders and key stakeholders, marking what many described as a long awaited breakthrough in the sector.
Speaking at the event, Oyetola said the opening of the digital portal represents a strategic move to reposition the maritime sector as a key driver of national development. He noted that while Nigeria occupies a strategic maritime location and boasts strong entrepreneurial capacity, local participation in coastal and inland shipping has remained limited due largely to the absence of an effective financing framework for vessel acquisition.
According to the Minister, the CVFF created under the Coastal and Inland Shipping (Cabotage) Act of 2003 was designed to close this gap, but years of institutional and structural challenges delayed its implementation. He said his administration has now prioritised the Fund’s activation, stressing that it will be managed strictly in line with sound governance and financial principles.
Oyetola explained that the CVFF is intended to reduce dependence on foreign flagged vessels, retain value within the domestic economy, create jobs for Nigerian seafarers and stimulate growth in related industries such as shipbuilding, ship repair and maritime services. He added that a stronger indigenous fleet would also enhance maritime safety, security and regulatory efficiency.
Emphasising transparency and accountability, the Minister described the fund as a revolving facility that must be responsibly utilised and repaid to ensure long term sustainability. He said the newly launched portal will serve as the central platform for managing applications, enabling eligible Nigerian shipowners to apply digitally under clearly defined criteria, supported by due diligence and financial oversight through approved Primary Lending Institutions.
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the Fund delivers tangible results. He disclosed that NIMASA has set up a dedicated CVFF unit to manage applications, liaise with financial institutions and enforce strict compliance and risk management standards.
Mobereola said the agency aims to make the CVFF a reliable and practical financing window for Nigerian shipowners to acquire vessels under competitive, long term financing arrangements. He assured stakeholders of transparent processing, continuous engagement with lenders and close monitoring of disbursements in line with global best practices.
Goodwill messages from the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinloku, and the Chairman of the House Committee on Maritime Safety, Education and Administration, Hon. Khadija Bukar Abba Ibrahim, underscored the significance of the initiative. Both lawmakers praised the Ministry and NIMASA for responding to long standing industry demands and pledged legislative support to sustain reforms in the sector.
Industry stakeholders also expressed strong support for the initiative. The President of the Nigerian Maritime Law Association, Mike Igbokwe (SAN); President of the Nigerian Chamber of Shipping, Aminu Umar; President of the Nigerian Shipowners Association, Sola Adewunmi, and President of the Shipowners Association of Nigeria, Sonny Eja, all praised the Minister and NIMASA for their commitment to finally unlocking the CVFF. They described the portal launch as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.
Under the current framework, qualified Nigerian shipping companies can access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet international safety and performance standards. The process will be managed in partnership with carefully vetted Primary Lending Institutions.
With the launch of the CVFF Application Portal, stakeholders say Nigeria has moved closer to building a strong indigenous fleet, retaining maritime value within the economy and positioning itself more competitively within the global marine and blue economy.
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