By Zainab Bakare
The Federal Government has begun moves to unlock up to $25 million from the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners, more than two decades after the fund was established.
Minister of Marine and Blue Economy, Gboyega Oyetola, disclosed this in a statement posted on X, describing the initiative as a major step towards strengthening Nigeria’s indigenous shipping industry, creating jobs and retaining more value from maritime activities within the country.
Oyetola says that successful applicants could access up to $25 million to acquire vessels, subject to the required assessment and approval process.
He notes that affordable, long-term financing has remained a major challenge for Nigerian-owned shipping companies.
The minister has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with 12 approved banks to accelerate the disbursement process.
NIMASA has so far received 92 applications, with 20 forwarded to lending institutions and one already reviewed and sent for approval.
The government has also launched a CVFF application portal to improve transparency and ease access to the financing scheme, while increasing the number of approved participating banks from five to 12.
Oyetola says the fund could help Nigerian shipowners modernise and expand their fleets, compete for coastal and offshore contracts, and stimulate growth across shipbuilding, marine engineering, vessel maintenance and maritime logistics.
He projects that the initiative could generate more than 30,000 direct and indirect jobs, while helping to reduce foreign dominance in Nigeria’s maritime sector.
The minister also highlighted ongoing efforts to strengthen the country’s seafaring workforce. He says 222 seafarers had received free professional training, while 333 cadets had completed their academic programmes and obtained degrees. Another 135 cadets under the Nigerian Seafarers Development Programme had secured Certificates of Competency.
According to Oyetola, 7,059 Nigerian seafarers have also been placed onboard vessels to acquire essential sea-time experience.
He says the Federal Government remains committed to ensuring that Nigerians increasingly own, operate and benefit from economic activities within the country’s maritime space.
