The Federal Government has taken a major step towards strengthening indigenous ship ownership with the official launch of the Cabotage Vessel Financing Fund (CVFF) Application Portal by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola.
The portal was unveiled on Thursday, 22 January 2026, at a high-level stakeholders’ event held at Eko Hotel and Suites, Victoria Island, Lagos, bringing together senior government officials, legislators and key players across Nigeria’s maritime industry.
Speaking at the launch, Dr Oyetola described the initiative as a strategic intervention aimed at repositioning the maritime sector as a key driver of national development and economic diversification. He noted that despite Nigeria’s strategic location and extensive coastline, indigenous participation in coastal and inland shipping has remained limited due largely to the absence of a functional and transparent financing framework.
“The CVFF was established to address this gap,” the Minister said. “Today, we are changing the narrative by providing a credible, structured and transparent financing mechanism to support Nigerian shipowners.”
The CVFF, created under the Coastal and Inland Shipping (Cabotage) Act of 2003, is designed to provide long-term, competitive financing for indigenous operators to acquire vessels and actively participate in domestic maritime trade. However, the Fund remained largely dormant for more than two decades due to institutional and structural challenges.
Dr Oyetola explained that his Ministry, upon assumption of office, adopted a clear policy objective to operationalise the Fund in line with sound governance and financial principles. He described the CVFF as a strategic development instrument that will reduce reliance on foreign-flagged vessels, retain maritime value within the domestic economy, create jobs for Nigerian seafarers and stimulate growth in related sectors such as shipbuilding, ship repair and maritime services.
Beyond its economic benefits, the Minister noted that a stronger indigenous fleet would enhance maritime safety, security and regulatory oversight. He stressed that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
According to him, the newly launched digital portal will serve as the official gateway for accessing the Fund, ensuring transparency, efficiency and accountability in the application and evaluation process. Eligible Nigerian shipowners will be able to submit applications online, which will be assessed against clearly defined criteria and subjected to rigorous due diligence through approved Primary Lending Institutions.
“The digitisation of the CVFF process aligns with the Federal Government’s e-Government agenda and our commitment to reducing bureaucratic bottlenecks and improving the ease of doing business,” Dr Oyetola said.
Also speaking, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to delivering the CVFF as a practical and reliable financing window for Nigerian shipowners. He disclosed that NIMASA has established a dedicated CVFF unit to manage applications, coordinate with financial institutions and ensure strict compliance with eligibility and risk management standards.
“Our focus is to build confidence in the system through professionalism, transparency and adherence to global best practices,” Mobereola said, adding that every disbursement will follow clear rules and measurable criteria.
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 lawmakers commended the Ministry and NIMASA for what they described as a landmark achievement and pledged sustained legislative support for effective implementation of the Fund.
Industry leaders, including the President of the Nigerian Maritime Law Association, Mr Mike Igbokwe (SAN); President of the Nigerian Chamber of Shipping, Mr Aminu Umar; President of the Nigerian Shipowners Association, Mr Sola Adewunmi; and President of the Shipowners Association of Nigeria, Mr Sonny Eja, also welcomed the development. They described the portal launch as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.
Recall that in 2025, Dr Oyetola directed NIMASA to commence the disbursement process for the CVFF, leading to the issuance of a Marine Notice inviting eligible Nigerian shipping companies to apply. Qualified applicants are expected to access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet international safety and performance standards, in collaboration with vetted Primary Lending Institutions.
With the unveiling of the CVFF Application Portal, stakeholders believe Nigeria has finally taken a decisive step towards building a robust indigenous fleet, deepening local participation in maritime trade and strengthening the country’s position within the global marine and blue economy.
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