Federal government has unveiled a $25 million Cabotage Vessel Financing Fund (CVFF) portal to help Nigerians secure financing for owning local ships.
Gatekeepers News reports that the portal was launched in Lagos on Thursday by Adegboyega Oyetola, Minister of Marine and Blue Economy.
Bolaji Akinola, the minister’s spokesperson, explained in a statement that the CVFF was created under the Coastal and Inland Shipping Act of 2003 to support Nigerian shipping companies.
However, it had been largely inaccessible for more than 20 years. The new portal now allows indigenous shipowners to access financing of up to $25 million for vessel purchases.
Oyetola described the initiative as a strategic step to position Nigeria’s maritime sector as a driver of national development, supporting economic diversification and the country’s maritime potential.
“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” he said.
“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 added that his ministry has focused on strengthening Nigeria’s maritime capacity and ensuring the CVFF is implemented with strict governance and financial standards.
He said the fund is designed to reduce dependence on foreign-flagged vessels, create jobs for Nigerian seafarers, stimulate shipbuilding, and grow maritime services.
Oyetola noted that the digital portal guarantees transparency, allowing eligible shipowners to apply through approved institutions, with careful monitoring of fund use and repayment to sustain the revolving fund.
He also highlighted that the portal supports the administration’s e-government agenda by reducing bureaucracy and improving the ease of doing business.
Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), reaffirmed the agency’s commitment to the CVFF’s success.
He explained that NIMASA has established a cabotage secretariat to handle applications, coordinate with banks, and enforce proper procedures.
In 2025, Oyetola announced the federal government’s plan to stop issuing waivers under the Coastal and Inland Shipping Act of 2003.
