FG opens access to $25 million vessel loans for Nigerian shipping firms under CVFF Scheme 

Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin the disbursement of the Cabotage Vessel Financing Fund (CVFF), ending over 20 years of delay since its establishment under the Cabotage Act of 2003.

The directive was announced in a statement issued on Tuesday in Abuja by his media adviser, Dr. Bolaji Akinola, as reported by the News Agency of Nigeria (NAN).

Oyetola added that NIMASA has issued a Marine Notice inviting qualified firms to apply, with disbursements to be handled by approved Primary Lending Institutions (PLIs) at competitive interest rates.

“Mr Adegboyega Oyetola, Minister of Marine and Blue Economy, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process for the disbursement of the Cabotage Vessel Financing Fund (CVFF). 

“Oyetola said that the directive marked a significant shift from over two decades of administrative stagnation and ushered in a new era of strategic repositioning of Nigeria’s indigenous shipping,” the NAN report read in part.

It added, “Oyetola said that NIMASA, in alignment with the ministry’s directive, had already issued a Marine Notice inviting eligible Nigerian shipping companies to apply. 

“According to him, qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.” 

Minister Oyetola highlighted the long-awaited rollout of the CVFF, emphasizing that, after over 20 years of dormancy, the fund is now being activated with a deliberate, transparent, and strategic approach.

He noted that under the Tinubu administration, decisive actions have been taken to reposition the maritime sector, with the activation of the CVFF serving as a key intervention. Oyetola described the initiative as a critical milestone, signaling the government’s strong commitment to enhancing local content and reinforcing Nigeria’s maritime sovereignty.

Oyetola highlighted that the fund is expected to deliver wide-ranging benefits, including the expansion of Nigeria’s indigenous shipping fleet and the creation of jobs.

“This isn’t just about financing vessels—it’s about investing in the future of our maritime industry,” the minister said. 

“With proper execution, the CVFF will set the industry on a path to long-term growth, enhanced logistics efficiency, and stronger global competitiveness.”