The CVFF portal launched by Minister Oyetola provides Nigerian shipowners access to structured vessel financing, boosting maritime growth and indigenous capacity

The Minister of Marine and Blue Economy, Adegboyega Oyetola, officially unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal on Thursday, marking a milestone in Nigeria’s efforts to establish structured financing for indigenous ship ownership.

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The launch, held in Lagos, was attended by senior government officials, maritime industry leaders, legislators, and key sector stakeholders.

Oyetola described the portal’s inauguration as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”

He noted that the initiative supports the broader national goal of economic diversification while unlocking the vast potential of Nigeria’s maritime domain, coastal resources, and inland waterways.

“A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative,” the Minister said.

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners but remained largely inaccessible for more than two decades.

Upon assuming office, Oyetola’s Ministry prioritised its operationalisation in line with sound governance and financial principles.

“The CVFF is structured as a strategic development instrument. By facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels, improve domestic value retention, create employment, and stimulate allied sectors such as shipbuilding, repair, and maritime services,” Oyetola said.

He added that the Fund would also enhance maritime safety and security.

The newly launched digital portal serves as the institutional gateway for transparent administration of the Fund.

Eligible Nigerian shipowners can submit applications that will be assessed against defined criteria, supported by robust due diligence and oversight through approved Primary Lending Institutions.

Dr Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), reaffirmed the agency’s commitment to ensuring the CVFF delivers on its objectives.

NIMASA has established a dedicated CVFF unit to manage applications, coordinate with financial institutions, and guarantee compliance with eligibility, risk management, and monitoring procedures.

“Every disbursement will follow clear rules, measurable criteria, and global best practice. Our goal is to make the CVFF a practical and reliable financing window for Nigerian shipowners,” Mobereola said.

The launch received commendations from legislative leaders, including Senator Wasiu Eshinloku, Chairman of the Senate Committee on Marine Transport, and Hon. Khadija Bukar Abba Ibrahim, Chairman of the House Committee on Maritime Safety, Education and Administration.

Industry stakeholders also praised the initiative, highlighting its potential to boost investor confidence, capacity development, and indigenous ship ownership.

Eligible applicants can access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet international safety and performance standards.

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The Fund will be administered in close collaboration with carefully vetted Primary Lending Institutions to ensure efficiency, accountability, and transparency.