FG To Provide Nigerian Shipowners Up To $25m Each Under CVFF

The Federal Government is set to begin disbursing the long-awaited Cabotage Vessel Financing Fund (CVFF), with qualified Nigerian shipowners eligible to access up to $25 million each to acquire vessels and expand their operations.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Monday, saying the initiative was aimed at strengthening indigenous shipping, reducing foreign dominance in Nigeria’s maritime sector and creating more than 30,000 direct and indirect jobs.

Oyetola said the CVFF, established more than two decades ago, would provide Nigerian shipowners with access to affordable, long-term financing to acquire modern vessels and compete for coastal and offshore contracts currently dominated by foreign operators.

According to him, the government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to accelerate the disbursement process in collaboration with 12 approved banks serving as Primary Lending Institutions.

He disclosed that NIMASA had so far received 92 applications, with 20 forwarded to the approved banks and one application already reviewed and sent for approval.

The minister said the number of participating banks had been increased from five to 12, while a CVFF application portal had been introduced to make the process more transparent and accessible.

Oyetola said the expected impact of the fund would extend beyond vessel acquisition, noting that a stronger indigenous fleet would stimulate activities in shipbuilding, ship repairs, marine engineering, vessel maintenance and maritime logistics.

He projected that the initiative could generate more than 30,000 direct and indirect jobs while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.

The minister also highlighted ongoing efforts to develop skilled manpower for the maritime sector. He said 222 seafarers had received free professional training, 333 cadets had completed academic training and obtained degrees, while 135 cadets under the Nigerian Seafarers Development Programme had secured Certificates of Competency.

He added that 7,059 Nigerian seafarers had been placed onboard vessels to acquire practical sea-time experience.

The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies in acquiring vessels and building indigenous capacity. However, its disbursement had remained stalled for more than 20 years.

The Federal Government launched the CVFF application portal in January 2026, paving the way for eligible Nigerian shipowners to apply for financing of up to $25 million.