The President of the Nigerian Shipowners Association (NISA), Otunba Sola Adewumi, has described the commissioning of the Cabotage Vessel Financing Fund (CVFF) Application Portal as a historic milestone that rekindles hope for indigenous shipowners and strengthens Nigeria’s maritime economy.
Speaking at the official commissioning of the portal by the Nigerian Maritime Administration and Safety Agency (NIMASA), Adewumi commended President Bola Ahmed Tinubu, GCFR, for what he described as bold and purposeful leadership under the Renewed Hope Agenda. He also praised the Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, for his vision and commitment to repositioning the maritime sector as a key driver of national economic growth.
According to the NISA President, the CVFF—established under the Cabotage Act to provide Nigerian shipowners with access to affordable financing—has long been awaited by industry stakeholders. He noted that the deployment of a digital application portal represents a critical step toward transparency, accountability, and effective implementation of the Fund in line with the Marine and Blue Economy policy.
“The CVFF portal demonstrates the Federal Government’s determination to ensure that the Fund delivers real value. For Nigerian shipowners, it represents renewed hope for fleet expansion, modernization, job creation for seafarers, and greater retention of maritime value within the national economy,” Adewumi said.
He emphasized that empowering indigenous shipowners would have a multiplier effect across the entire maritime value chain, enhancing capacity, competitiveness, and sustainability within the sector.
Adewumi assured the Honourable Minister and the management of NIMASA of the full support and cooperation of the Nigerian Shipowners Association, stressing the Association’s commitment to the responsible utilization of the Fund. He also called on eligible shipowners to approach the opportunity with integrity, professionalism, and a long-term national outlook.
He concluded by congratulating NIMASA and all stakeholders whose persistence made the commissioning of the portal possible, describing the CVFF Application Portal as a defining step toward a stronger, more resilient indigenous shipping industry in Nigeria.
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