By Tolulope Oke
The Federal Government has begun moves to strengthen Nigeria’s maritime industry by unlocking the long-delayed Cabotage Vessel Financing Fund (CVFF), allowing qualified Nigerian shipowners to access up to $25 million in financing to acquire vessels.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the development on Monday, describing it as a major step towards building a stronger indigenous shipping sector and reducing foreign control of activities on Nigerian waters.
The CVFF, which has remained largely inaccessible for more than two decades, was created to provide financial support for Nigerian operators seeking to acquire vessels and compete in the maritime sector.
According to Oyetola, improved access to the fund will enable Nigerian companies to expand their fleets, participate in coastal and offshore operations, and retain more of the economic value generated within the country’s maritime space.
He said access to affordable long-term financing had been one of the biggest obstacles preventing Nigerian-owned shipping companies from competing effectively with foreign operators.
“Each successful applicant will be able to access up to $25 million in financing to acquire vessels, subject to the applicable assessment and approval process,” the minister stated.
Oyetola disclosed that the Nigerian Maritime Administration and Safety Agency (NIMASA) had received 92 applications from interested operators, with 20 already forwarded to approved lending institutions for consideration.
He added that the government expanded the number of participating banks from five to 12 to accelerate the process and improve access for qualified applicants.
The minister said the fund could stimulate growth beyond ship ownership by creating opportunities in shipbuilding, marine engineering, vessel maintenance, maritime logistics and other supporting industries.
According to him, the initiative has the potential to generate more than 30,000 direct and indirect jobs while strengthening Nigeria’s capacity in the blue economy.
Oyetola also highlighted ongoing efforts to develop the manpower needed to support the sector, revealing that hundreds of Nigerian cadets and seafarers had received professional training and certification under government-backed programmes.
He said the Federal Government’s goal was to ensure that Nigerians not only work in the maritime sector but also own and benefit from the economic opportunities created by the country’s waters.
The minister added that unlocking the CVFF was part of broader efforts by the Tinubu administration to build indigenous capacity and position Nigeria as a major player in global maritime trade.
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