After 20 years, Nigerian government moves to unlock vessel fund for shipowners

After more than two decades of delay, Nigeria is moving to release a maritime fund intended to help local shipowners buy vessels and expand their fleets. Marine and Blue Economy Minister Adegboyega Oyetola has ordered lenders to speed up the process.

The Cabotage Vessel Financing Fund has received 92 applications. Twenty have already gone to the 12 approved Primary Lending Institutions, while one application has been reviewed and submitted for approval. Oyetola directed the Nigerian Maritime Administration and Safety Agency to work with the lenders to accelerate processing and disbursement for qualified beneficiaries.

The fund has accumulated over more than 20 years and is designed to provide low-interest, long-term financing. The government says improved access could help Nigerian operators compete for coastal and offshore contracts, reduce dependence on foreign vessel operators and keep more maritime earnings in the domestic economy. Oyetola said the intervention could create more than 30,000 direct and indirect jobs in shipyards, marine engineering companies and maritime logistics.

The minister had directed NIMASA in April 2025 to begin disbursing the fund. The process gained further momentum in January 2026, when the government launched a CVFF application portal in Lagos to improve transparency and streamline applications. It also expanded the number of approved lenders from five to 12. Oyetola said the decision followed President Bola Tinubu’s authorisation to address persistent financing problems facing domestic maritime operators and unlock opportunities in the blue economy.

Oyetola also said the government was investing in Nigerian seafarers. He said 222 seafarers had received free training in basic and advanced professional courses, while 333 cadets had completed academic training and obtained degrees under the Nigerian Seafarers Development Programme.