Nigeria’s maritime sector entered a new chapter on 22 January 2026 as the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, officially unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal at Eko Hotel, Lagos. The event drew senior government officials, legislators, industry leaders, and stakeholders, marking the long-awaited operationalisation of a fund created over two decades ago.
A Strategic Milestone
Declaring the portal open, Dr Oyetola described the launch as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.” He stressed that the CVFF would provide a credible financing framework for indigenous shipowners, reducing reliance on foreign-flagged vessels and retaining value within Nigeria’s economy.
Purpose of the CVFF
Established under the Cabotage Act of 2003, the Fund was designed to close the financing gap for Nigerian shipowners but remained dormant due to institutional delays. Oyetola affirmed that his ministry’s priority was to strengthen maritime capacity and ensure the CVFF is implemented with transparency, accountability, and sound financial principles.
Key objectives include:
– Financing indigenous operators to acquire modern vessels.
– Creating jobs for Nigerian seafarers.
– Stimulating shipbuilding, repair, and maritime services.
– Enhancing safety and security in coastal and inland waters.
Digital Transformation
The newly launched online portal will serve as the gateway for applications, ensuring transparent and efficient processing, reduced bureaucratic bottlenecks, alignment with Nigeria’s e-Government agenda and oversight through approved Primary Lending Institutions (PLIs).
Dr Oyetola emphasised that the CVFF is a revolving fund, requiring prudent use and repayment to sustain future access.
The Director General of NIMASA, Dr Dayo Mobereola, reaffirmed the agency’s commitment, announcing a dedicated CVFF unit to manage applications, coordinate with PLIs, and enforce compliance. He assured stakeholders of rigorous due diligence, transparent monitoring, and adherence to global best practices.
Lawmakers, including Senator Wasiu Eshinloku and Hon. Khadija Bukar Abba Ibrahim, hailed the initiative as a landmark achievement and pledged continued support. Industry leaders such as Mike Igbokwe (SAN), Aminu Umar, Sola Adewunmi, and Sonny Eja described the launch as a turning point for indigenous ship ownership and investor confidence.
Eligible Nigerian shipping companies can access up to USD 25 million each at competitive rates to acquire vessels that meet international safety and performance standards. Disbursement will be managed in collaboration with vetted PLIs to ensure professionalism and accountability.
With the CVFF portal now active, Nigeria has taken a decisive step toward building a robust indigenous fleet, retaining maritime value within its economy, and positioning itself as a stronger player in the global blue economy.