L-R: Chairman, Nigerian Maritime Administration and Safety Agency (NIMASA) Governing Board, Hon. Yusuf Hamisu Abubakar; Managing Director, Nigerian Ports Authority, Dr. Abubakar Dantsoho; Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola; Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola; Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun; Permanent Secretary, Federal Ministry of Marine and Blue Economy, Mrs Fatima Mahmood and Chairman, House Committee on Maritime Safety, Education, and Administration, Hon. Khadija Bukar Abba Ibrahim, during the launch of the Cabotage Vessel Financing Fund (CVFF) Application Portal in Lagos on Thursday.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has officially launched the Cabotage Vessel Financing Fund (CVFF) Application Portal, marking a major breakthrough in Nigeria’s long-standing effort to provide structured financing for indigenous ship ownership.
The launch, held on Thursday, January 22, 2026, at Eko Hotel and Suites, Victoria Island, Lagos, attracted senior government officials, lawmakers, maritime industry leaders and key stakeholders across the sector.
Declaring the portal open, Oyetola described the initiative as a strategic move to reposition Nigeria’s maritime industry as a key driver of national development and economic diversification.
The Minister said: “The Maritime Sector is the backbone of global commerce, yet Nigeria’s participation in coastal and inland trade has remained limited.
“One major reason has been the absence of a credible, transparent financing framework for indigenous shipowners. Today, we are changing that narrative”.
He recalled that the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to bridge funding gaps for Nigerian operators but suffered years of delayed implementation due to institutional and structural challenges. Upon assuming office, he said, his ministry prioritised strengthening maritime capacity and ensuring the Fund operates under sound governance and financial principles.
According to him, the CVFF will reduce dependence on foreign-flagged vessels, retain value within the local economy, create jobs for Nigerian seafarers and stimulate growth in shipbuilding, repairs and allied maritime services.
“The CVFF is a revolving fund and must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs”, he added.
Oyetola explained that the newly launched digital portal serves as the gateway for transparent administration of the Fund. Through the platform, eligible Nigerian shipowners can submit applications assessed under clearly defined criteria, supported by professional due diligence and approved Primary Lending Institutions (PLIs).
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, reducing bureaucracy and improving service delivery in line with the federal government’s e-Government agenda”, he said.
Also speaking, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, reaffirmed the Agency’s commitment to ensuring the Fund delivers practical value to operators.
He said: “NIMASA has created a dedicated CVFF unit to manage applications, coordinate with financial institutions and ensure strict compliance, risk management and transparency.
“Our objective is to make the CVFF a reliable financing window for Nigerian shipowners to acquire vessels at competitive, long-term rates”.
Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, addressing guests and stakeholders at the unveiling of the CVFF Application Portal.
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 Ibrahim, who both described the portal as a landmark response to long-standing industry demands and pledged legislative support for its effective implementation.
Industry leaders also welcomed the development. The President of the Nigerian Maritime Law Association, Mike Igbokwe; 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, hailed the initiative as a turning point for indigenous shipping capacity and investor confidence.
For more than two decades, the CVFF remained largely inaccessible, forcing Nigerian operators to rely on expensive foreign financing and foreign-flagged vessels. In 2025, Oyetola directed NIMASA to commence disbursement processes, leading to the issuance of a Marine Notice inviting eligible shipping companies to apply.
Qualified applicants will be able to access up to $25 million each at competitive interest rates to acquire modern vessels that meet international safety and performance standards, with disbursement managed in partnership with vetted Primary Lending Institutions.
With the unveiling of the CVFF Application Portal, stakeholders say Nigeria has taken a decisive step toward building a strong indigenous fleet, retaining maritime value locally and positioning the country more competitively in the global marine and blue economy.