- Nigeria Takes Key Step to Unlock Vessel Financing for Local Shipowners
- The launch attracted senior government officials, lawmakers, maritime industry leaders and other key stakeholders
- The CVFF was established under the Coastal and Inland Shipping, Cabotage, Act of 2003
The Federal Government has launched the Cabotage Vessel Financing Fund application portal for indigenous shipowners, marking a significant milestone in Nigeria’s long-standing effort to provide structured vessel financing within the maritime sector.
Eko Hot Blog reports that the portal was unveiled on Thursday by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, at an event held at Eko Hotel and Suites in Victoria Island, Lagos. The launch attracted senior government officials, lawmakers, maritime industry leaders and other key stakeholders.
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Speaking at the event, the Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the effective implementation of the CVFF. He said NIMASA had established a dedicated CVFF unit to oversee implementation, manage applications, coordinate with financial institutions and ensure strict compliance with eligibility and risk management standards.
“Our objective is to make the CVFF a practical and reliable financing window that allows Nigerian shipowners to acquire vessels through competitive long-term funding,” Mobereola said.
He assured stakeholders that applications would be handled professionally, with continuous engagement involving Primary Lending Institutions, rigorous due diligence and transparent monitoring throughout the process. According to him, NIMASA is determined to build confidence in the system and ensure that all disbursements follow clear rules, measurable criteria and global best practices.
Declaring the portal open, Dr Oyetola described the launch as a deliberate and strategic move to reposition Nigeria’s maritime sector as a central pillar of national development. He said the initiative aligns with the Federal Government’s broader objective of economic diversification and the need to unlock the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
The minister noted that although the maritime sector remains the backbone of global trade, Nigeria’s participation in coastal and inland shipping has remained limited despite its strategic location and entrepreneurial capacity.
According to him, the absence of a functional and transparent financing framework has long constrained indigenous ship ownership. He said the launch of the portal marks a turning point in addressing that gap.
The CVFF was established under the Coastal and Inland Shipping, Cabotage, Act of 2003 to support Nigerian shipowners with access to financing. However, institutional and structural challenges delayed its operationalisation for over two decades.
Oyetola said that since assuming office, the ministry had prioritised strengthening Nigeria’s maritime capacity and ensuring that the CVFF is implemented in line with sound governance and financial principles.
He explained that the Fund is designed as a strategic development tool to reduce reliance on foreign-flagged vessels, retain value within the domestic economy, create jobs for Nigerian seafarers and stimulate growth in shipbuilding, ship repair and maritime services.
Beyond economic benefits, the minister said a stronger indigenous fleet would enhance maritime safety and security while supporting efforts to maintain a regulated and efficient maritime environment.
He stressed that the CVFF is a revolving fund and must be responsibly utilised and repaid to guarantee sustainability for future generations of maritime entrepreneurs.
Oyetola added that the digital portal would serve as the institutional gateway for transparent administration of the Fund. He said it aligns with the Federal Government’s e-Government agenda by reducing bureaucracy and improving ease of doing business.
Through the portal, eligible Nigerian shipowners can submit applications which will be assessed using clearly defined criteria, supported by robust due diligence and financial oversight through approved Primary Lending Institutions.
By digitising the entire application and evaluation process, he said the government aims to simplify access, improve predictability and ensure efficient and transparent service delivery.
In goodwill messages, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinlokun, and the Chairman of the House Committee on Maritime Safety, Education and Administration, Hon Khadija Bukar Abba Ibrahim, praised the initiative as a long-awaited response to industry demands. They pledged continued legislative support to ensure effective implementation.
Industry stakeholders, including representatives of the Nigerian Maritime Law Association, the Nigerian Chamber of Shipping and various shipowners associations, also welcomed the development. They described the launch of the portal as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.
