CVFF: Oyetola Orders NIMASA to Commence Disbursement Process

Nigeria’s maritime sector is poised to attain a new global height with the commitment of the Minister of Marine and blue economy to revitalize indigenous shipowners Vessel financing in the country.

In a significant move, the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Isiaka Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).

The minister’s directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.

A statement dated April 15, 2025, signed by Dr. Bolaji Akinola, Media & Communications Adviser to the Honourable Minister Federal Ministry of Marine and Blue Economy and made available to our correspondent pointed that the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.

Under the visionary leadership of President Bola Ahmed Tinubu, GCFR, and the determined stewardship of Minister Oyetola, the Federal Government has signalled a deliberate course correction. The disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.

The minister assured that “This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history,” said Oyetola. “For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically.”