FG BEGINS MOVE TO DISBURSE CVFF AFTER TWO DECADES OF DELAYS
Read Time:2 Minute, 29 Second
By: Fasasi Hammad
After more than two decades of delays, the Federal Government has begun moves to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners, with the Minister of Marine and Blue Economy, Adegboyega Oyetola, directing lenders to expedite the processing of applications.
Oyetola directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with the 12 approved Primary Lending Institutions (PLIs) to fast-track the processing and disbursement of funds to qualified beneficiaries.
The development follows the receipt of 92 applications under the CVFF framework, with 20 already forwarded to approved lenders and one application reviewed and submitted for approval.
The minister said the move was aimed at ending years of delays that have prevented Nigerian shipowners from accessing the fund, which was established to support vessel acquisition and promote indigenous participation in the maritime sector.
READ MORE…
ARSENAL FACE CHELSEA TEST AS BOTH SIDES CHASE THIRD STRAIGHT WIN
Oyetola, in a statement issued by his Special Adviser, Dr Bolaji Akinola, said the Federal Government was committed to making the CVFF a functional financing mechanism for Nigerian maritime operators.
The fund, which has accumulated over more than 20 years, is designed to provide low-interest, long-term financing to enable indigenous shipowners to acquire modern vessels and expand their fleets.
According to the government, improved access to the fund would enable Nigerian operators to compete more effectively for coastal and offshore contracts, reduce dependence on foreign vessel operators and retain a larger share of maritime earnings within the Nigerian economy.
Oyetola said the initiative could create more than 30,000 direct and indirect jobs across shipyards, marine engineering companies and maritime logistics firms.
The minister had, in April 2025, directed NIMASA to commence the process for disbursing the fund as part of efforts to reposition Nigeria’s indigenous shipping industry.
The process gained further momentum in January 2026 with the launch of the CVFF Application Portal in Lagos, aimed at improving transparency and streamlining applications.
The government also increased the number of approved PLIs from five to 12 to broaden access to the financing.
Oyetola said the decision to commence disbursement followed President Bola Tinubu’s approval to address persistent financing challenges confronting domestic maritime operators and unlock opportunities in the blue economy.
Meanwhile, Oyetola said the Federal Government was also increasing investments in the training and development of Nigerian seafarers.
He disclosed that 222 seafarers had received free training in basic and advanced professional courses, while 333 cadets had completed their academic programmes and obtained degrees.
Under the Nigerian Seafarers Development Programme (NSDP), the minister said 135 cadets had completed their training and obtained Certificates of Competency.
He added that 7,059 Nigerian seafarers had been placed onboard vessels to acquire the required sea-time experience.
Oyetola said the initiatives were designed to develop a competitive Nigerian maritime workforce and position citizens to benefit from employment and investment opportunities expected to arise from the expansion of the blue economy.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0