Nigerian shipowners seeking to expand their fleets have received a major boost as the Federal Government, through the Nigerian Maritime Administration and Safety Agency (NIMASA), has announced that qualified operators can now access loans of up to USD25 million under the Cabotage Vessel Financing Fund (CVFF) to acquire vessels.
The facility, offered at an attractive interest rate of 6.5 per cent per annum with a repayment tenor of eight years, is expected to transform indigenous participation in coastal shipping and strengthen Nigeria’s maritime capacity.
The Director General of NIMASA, Dayo Mobereola, disclosed this at the formal launch of the CVFF Application Portal by the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Lagos on Thursday.
The unveiling of the digital platform marks a significant shift towards transparency, efficiency and accessibility in the administration of the long-awaited CVFF, which was created to empower local shipowners but has remained largely underutilised for years.
Mobereola explained that the new portal will serve as a one-stop platform where interested shipowners can submit applications, track progress in real time and receive updates on the status of their requests.
He noted that the digitalisation of the process is designed to remove bureaucratic bottlenecks, ensure fairness in the selection of beneficiaries and enhance accountability in the disbursement of funds.
According to him, the initiative aligns with the Federal Government’s broader strategy to promote indigenous ownership of vessels, reduce reliance on foreign tonnage in coastal trade and keep freight earnings within the Nigerian economy.
Oyetola, while launching the portal, described the development as a milestone in the drive to build a robust and self-reliant maritime industry.
He said the activation of the CVFF application process reflects the administration’s commitment to unlocking financing for Nigerian shipowners, modernising the maritime sector and positioning Nigeria as a competitive shipping hub in Africa.
He added that the ministry would continue to provide policy support to ensure the fund delivers measurable impact in fleet expansion, job creation and national revenue growth.
Industry stakeholders present at the event welcomed the move, noting that access to long-term, low-interest financing has been one of the biggest barriers to indigenous ship ownership.
The new funding window is expected to enable operators to acquire modern vessels, improve safety standards and boost capacity in cabotage trade, offshore services and regional shipping.