The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
The Special Adviser to the Minister, Dr Bolaji Akinola, disclosed this in a press release issued by the Federal Ministry of Marine and Blue Economy on Friday, following the minister’s address at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement in Victoria Island, Lagos.
Oyetola reaffirmed the Federal Government’s commitment to strengthening indigenous shipping capacity, saying the administration remained committed to implementing the Coastal and Inland Shipping (Cabotage) Act to ensure that Nigerians play a greater role in owning and operating vessels engaged in domestic maritime trade.
He acknowledged concerns surrounding access to financing in the indigenous shipping sector, assuring shipowners that the administration remained determined to advance the implementation of the CVFF.
According to him, although progress may require patience, the government’s commitment to developing indigenous shipping capacity remains firm.
The CVFF is a financing mechanism designed to support Nigerian shipowners and expand local participation in the maritime industry. Its disbursement is expected to improve access to capital for vessel acquisition, strengthen the national fleet and enhance the competitiveness of Nigerian operators in domestic shipping.
Oyetola noted that the benefits of the fund extended beyond vessel acquisition to other segments of the maritime value chain, including shipbuilding, marine engineering, vessel maintenance and maritime logistics.
He maintained that strengthening indigenous shipping was central to the government’s broader objective of ensuring that Nigerians derived greater economic benefits from the country’s maritime resources.
The minister also underscored the importance of professional training, local expertise development, support for indigenous businesses and strategic investments in building a competitive domestic maritime industry.
He said the government’s objective was to create an industry in which Nigerians had the opportunities, capabilities and resources to own, operate and lead maritime businesses.
The engagement also featured a presentation by the Ambassador of the Kingdom of Denmark to Nigeria, Jens Ole Bach Hansen, on Denmark’s experience in building a sustainable blue economy and the lessons for strategic partnerships, investment and technology transfer with Nigeria.
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