By Newspot Nigeria
In a historic policy shift set to transform Nigeria’s maritime sector, the Minister of Marine and Blue Economy, Gboyega Oyetola, has ordered the Nigerian Maritime Administration and Safety Agency (NIMASA) to immediately begin the process of disbursing the long-awaited Cabotage Vessel Financing Fund (CVFF).
The announcement, confirmed in a statement by the Minister’s Media and Communications Adviser, Dr. Bolaji Akinola, signals the end of a two-decade-long delay in accessing the fund, which was created under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies in acquiring vessels.
“For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically,” Minister Oyetola declared.
Under this new directive, eligible indigenous shipping firms can now apply for loans of up to $25 million at competitive interest rates, through NIMASA’s newly issued Marine Notice. The loans will be channeled through approved Primary Lending Institutions (PLIs), which will ensure professional, accountable disbursement of funds.
The move is widely seen as a game-changer for the maritime industry. By enabling vessel acquisition and reducing Nigeria’s dependence on foreign ships, the policy is expected to grow the local fleet, stimulate job creation, and revive the shipbuilding and maintenance industry.
“This is not merely about funding vessels,” Oyetola emphasized. “We are investing in a future where Nigerian shipping companies can stand shoulder-to-shoulder with international players. This is a turning point—one that affirms our commitment to local content, economic resilience, and maritime sovereignty.”
Industry stakeholders have welcomed the decision, describing it as a “watershed moment” and a strategic intervention that could reshape Nigeria’s role in global maritime trade.
With this bold step by the Tinubu administration, Nigeria reaffirms its readiness to assert leadership in the blue economy—anchored by indigenous expertise, policy clarity, and political will.
Newspot Nigeria will continue to monitor developments as the CVFF disbursement process unfolds, offering in-depth coverage and industry insights.
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