Oyetola Directs NIMASA, Lenders to Fast-Track CVFF Disbursement
By Tams Jonah, ABUJA — The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with 12 approved Primary Lending Institutions (PLIs) to fast-track the processing and disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
The directive is part of the Federal Government’s renewed efforts to unlock the long-delayed maritime financing scheme and increase indigenous participation in the nation’s shipping industry.
Oyetola, according to his Special Adviser, Dr Bolaji Akinola, gave the directive while reviewing progress on the implementation of the CVFF.
The Minister stressed the need for NIMASA and the approved lending institutions to work together to ensure that qualified beneficiaries can access the fund without unnecessary delays.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to provide financial support for the acquisition and development of vessels by Nigerian operators and strengthen indigenous capacity in the maritime sector.
However, the fund has remained largely inaccessible to its intended beneficiaries for more than two decades, despite successive efforts by different administrations to commence its disbursement.
The latest development follows renewed steps by the Federal Government to operationalise the scheme under the Ministry of Marine and Blue Economy.
According to the ministry, NIMASA has so far received 92 applications under the current process, while 20 applications have been forwarded to the approved PLIs for consideration. One application has reportedly completed the relevant review process and was forwarded for approval.
The number of approved lending institutions has also been expanded to 12 from the previous five, a move aimed at broadening access to financing and improving the efficiency of the disbursement process.
Oyetola’s latest directive comes after the launch of the CVFF application portal in January 2026, which provided prospective beneficiaries with a structured platform for submitting applications.
The Minister has repeatedly maintained that access to affordable vessel financing is critical to developing a competitive indigenous shipping industry, creating employment opportunities and retaining a greater share of maritime earnings within Nigeria.
The CVFF initiative is therefore expected to support vessel acquisition, fleet expansion and the development of Nigerian-owned shipping capacity, while contributing to the broader objectives of the Federal Government’s marine and blue economy agenda.
Stakeholders in the maritime sector have over the years identified inadequate access to long-term financing as one of the major constraints limiting the growth of indigenous shipping companies.
The successful implementation of the CVFF, observers say, could help address the challenge and provide Nigerian operators with the capital required to compete more effectively in domestic and international maritime trade.
For now, however, the disbursement process remains ongoing, with applications still undergoing assessment by the designated lending institutions.
