Oyetola Directs NIMASA, PLIs to Fast-Track CVFF Disbursement to Nigerian Shipowners … 20 of 92 applications already with lending institutions
Oru Leonard
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA), to work closely with the 12 approved Primary Lending Institutions (PLIs), to fast-track the disbursement of the Cabotage Vessel Financing Fund (CVFF), to qualified Nigerian shipowners.
Oyetola, in a statement issued on Sunday by his Special Adviser, Dr. Bolaji Akinola, said the directive was aimed at ending more than two decades of delays in accessing the fund and opening a new phase of investment, growth and job creation in Nigeria’s maritime sector.
According to the Minister, NIMASA has received 92 applications under the CVFF framework, with 20 applications already submitted to the PLIs, while one application has been reviewed and forwarded for approval.
He said the progress marked a significant step towards operationalising the CVFF and strengthening indigenous participation in Nigeria’s maritime industry.
Oyetola had in April 2025 directed NIMASA to commence the process for the disbursement of the long-awaited fund.
The process was subsequently strengthened with the launch of the CVFF Application Portal in Lagos on January 22, 2026, providing a more transparent and structured platform for eligible shipowners to seek financing.
The Minister also expanded the number of approved PLIs from five to 12 to accelerate access to the fund.
The CVFF, which has accumulated for more than two decades without being accessed by Nigerian shipowners, is designed to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets.
Oyetola said the scheme would enable Nigerian shipowners to compete more effectively for coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain greater value within the Nigerian economy.
He projected that the initiative could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
The Minister said the decision to commence disbursement followed President Bola Ahmed Tinubu’s authorisation to address the long-standing financing challenges confronting domestic maritime operators and unlock the economic potential of the blue economy.
Beyond vessel financing, Oyetola said the Federal Government was also strengthening the development of Nigerian seafarers through training, certification and welfare programmes being implemented by the Ministry and NIMASA.
He disclosed that 222 seafarers had received free training in basic and advanced professional courses, while 333 cadets had completed their academic training and obtained degrees.
Under the Nigerian Seafarers Development Programme (NSDP), he added, 135 cadets had completed the programme and obtained Certificates of Competency (CoC).
Oyetola further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience.
He said the interventions were part of the Federal Government’s broader strategy to build a competitive maritime workforce, expand indigenous capacity and ensure that Nigerians derive greater economic benefits from the opportunities in the blue economy.
