Oyetola Directs NIMASA, PLIs to Fast-Track CVFF Disbursement to Nigerian Ship Owners

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• As 20 out of 92 Applications Await Approval

The Honourable Minister of Marine and Blue Economy, His Excellency Dr. Adegboyega Oyetola, CON, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.

The directive underscores the Minister’s determination to end more than two decades of delays surrounding the disbursement of the fund and unlock a new era of growth, investment, and job creation in Nigeria’s maritime sector.

In a statement issued by his Special Adviser, Dr. Bolaji Akinola, on Sunday, Oyetola said significant progress had been made in processing applications under the CVFF framework. He disclosed that NIMASA had received 92 funding applications, with 20 already submitted to the PLIs and one application reviewed and forwarded for approval.

The Minister’s push for the operationalisation of the CVFF marks a major milestone in the Federal Government’s efforts to strengthen indigenous participation in Nigeria’s maritime industry. In April 2025, Oyetola directed NIMASA to commence the process for the long-awaited disbursement of the fund, signalling a decisive break from years of administrative stagnation and setting the stage for the strategic repositioning of Nigeria’s indigenous shipping capacity.

The momentum continued with the launch of the CVFF Application Portal in Lagos on 22 January 2026. The portal established a more transparent and structured process through which eligible Nigerian shipowners could apply for financing, further advancing the Federal Government’s efforts to institutionalise access to maritime finance.

To further accelerate the process, Oyetola announced an expansion of the number of Primary Lending Institutions from five to 12.

The CVFF, which has accumulated over more than two decades without being accessed by Nigerian shipowners, is expected to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets.

The initiative is designed to enable Nigerian shipowners to compete more effectively for lucrative coastal and offshore shipping contracts, reduce dependence on foreign vessel operators, and retain more value within the Nigerian economy.