Adegboyega Oyetola, the Minister of Marine and Blue Economy, has instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) to initiate the process for disbursing the Cabotage Vessel Financing Fund (CVFF).
Created under the Coastal and Inland Shipping (Cabotage) Act of 2003, the CVFF was designed to provide Nigerian ship owners with access to structured financing for acquiring vessels. However, the federal government has yet to disburse the fund until now.
Oyetola emphasized that this move goes beyond merely releasing funds; it is a pivotal moment in Nigeria’s maritime history. He explained that, for over 20 years, the CVFF had remained an unfulfilled promise. Today, however, the government is revitalizing it—deliberately, transparently, and strategically.
He further explained that the CVFF disbursement is not just about funding vessel acquisition, but also about investing in the future of Nigerian shipping companies, empowering them to compete on equal footing with international counterparts. This, Oyetola said, marks a turning point that demonstrates the government’s commitment to local content, economic resilience, and maritime sovereignty.
Acknowledging the long delay in the disbursement, Oyetola remarked that “a strong indigenous fleet is not just a source of pride but a critical national asset.”
