The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, on Thursday officially launched and unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal, marking a historic step in Nigeria’s long-awaited journey to operationalise structured financing for indigenous ship ownership. The event, held at Eko Hotel and Suites in Victoria Island, Lagos, drew senior government officials, maritime industry leaders, legislators and key stakeholders from across the sector.
Declaring the portal open, Dr Oyetola described the occasion as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.” He noted that the launch aligned with the broader national objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” the Minister said. “A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative.”
Dr Oyetola recalled that the Cabotage Vessel Financing Fund, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners. However, he acknowledged that institutional and structural considerations over the years delayed its operationalisation. He stated that upon assuming office, his Ministry adopted a clear policy objective to strengthen Nigeria’s maritime capacity and ensure that the CVFF is implemented strictly in line with sound governance and financial principles.
“The CVFF is structured as a strategic development instrument,” he said. “By facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services.”
He further emphasised that the Fund’s impact extends beyond economics, noting that a stronger indigenous fleet would enhance maritime safety and security while supporting national efforts to maintain a regulated and efficient maritime domain. Stressing accountability, he reminded potential beneficiaries that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
The Minister explained that the newly launched digital portal would serve as the institutional gateway for transparent administration of the Fund. “Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions,” he said. He added that the portal aligns with the Federal Government’s e-Government agenda and efforts to reduce bureaucratic bottlenecks and improve ease of doing business.
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive,” he said.
Formally declaring the portal open, Dr Oyetola expressed confidence in the initiative’s long-term impact.
“I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” he said.
Also speaking at the event, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its purpose. He stated that NIMASA has established a dedicated Cabotage Secretariat Unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.
“Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” he said.
He assured that the agency will ensure professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence, and transparent monitoring of the entire process.
He said the agency is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.
Goodwill messages were delivered by 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. Both legislators commended Minister Oyetola and NIMASA for what they described as a landmark achievement that responds to longstanding demands of the maritime community. They pledged continued legislative support to ensure effective implementation of the Fund and sustained 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.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 as a vital instrument to provide structured financing for Nigerian shipping companies to acquire vessels and participate meaningfully in domestic maritime trade. However, for more than two decades, the Fund remained largely inaccessible, leaving indigenous operators dependent on costly foreign financing or foreign-flagged vessels.
Recall that in 2025, Dr Oyetola directed NIMASA to commence the process of disbursing the CVFF, signalling a firm commitment to actualising the Fund’s original intent and unlocking its immense potential for national economic growth. Responding to this directive, NIMASA issued a Marine Notice inviting eligible Nigerian shipping companies to submit applications. Qualified applicants will have the opportunity to access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet stringent international safety and performance standards. The Fund’s administration will be conducted in close collaboration with carefully vetted and approved Primary Lending Institutions, ensuring a professional, efficient and accountable disbursement process.
With the unveiling of the CVFF Application Portal, stakeholders believe Nigeria has taken a long-awaited step towards building a robust indigenous fleet, retaining maritime value within the national economy and positioning the country as a stronger player in the global marine and blue economy.