Oyetola urges NIMASA and lenders to fast-track CVFF payments to Nigerian shipowners

Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has urged the Nigerian Maritime Administration and Safety Agency and 12 approved primary lending institutions to accelerate payments from the Cabotage Vessel Financing Fund to qualified Nigerian shipowners.

Oyetola said 92 applications had been received under the CVFF framework. Of those, 20 had been submitted to the lending institutions, while one application had been reviewed and forwarded for approval.

The minister presented the progress as a step toward ending more than two decades of delays in accessing the fund. He said putting the CVFF into operation could support investment, job creation and stronger participation by Nigerian companies in the maritime industry.

The government began preparing for disbursement in April 2025, when Oyetola directed NIMASA to start the process. A CVFF application portal launched in Lagos on January 22, 2026, creating a more structured route for eligible shipowners to seek financing. Oyetola also increased the number of primary lending institutions from five to 12.

The fund is expected to offer low-interest, long-term financing for modern vessels and fleet expansion. The initiative aims to help Nigerian shipowners compete for coastal and offshore contracts, reduce reliance on foreign operators and retain more economic value domestically. Oyetola said it could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering companies and maritime logistics firms. The move followed President Bola Ahmed Tinubu’s authorization to address the financing needs of domestic maritime operators and develop Nigeria’s blue economy.