- Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, addressing guests and stakeholders at the unveiling of the Cabotage Vessel Financing Fund Application Portal in Lagos… Thursday
By Anthony Nwachukwu
The federal government has raised a glimmer of hope for indigenous ship financing with launch of the the Cabotage Vessel Financing Fund (CVFF) Application Portal by Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, aimed at operationalising structured disbursement of the contributory fund to aid local ship ownership.
Declaring the portal open during the unveiling in Lagos on Thursday, Oyetola said it was “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
The minister explained that the newly launched digital portal would serve as the institutional gateway for transparent administration of the fund, through which “eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions.” he said.
According to Oyetola, the portal aligns with the federal government’s e-Government agenda and efforts to reduce bureaucratic bottlenecks and improve ease of doing business, and “by digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive.”
He further tasked potential beneficiaries on accountability, reminding them that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
Oyetola noted that though the maritime sector remains the backbone of global commerce, and in spite of Nigeria’s strategic geographic location and vibrant entrepreneurial base, the country’s “participation in coastal and inland trade has remained limited.
“A major constraint has been the absence of a functional, credible and transparent financing framework to support indigenous ship ownership,” he stated. “Today, we are changing that narrative.”
Recalling that the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address Nigerian shipowners’ financing gap, he acknowledged that institutional and structural considerations over the years had delayed its operationalisation.
This time, however, “by facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services,” he explained.
Also speaking, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, reaffirmed the agency’s commitment to ensuring that the CVFF delivers on its purpose.
He disclosed that NIMASA has established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.
Stating the objective as “to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” Mobereola said the agency will ensure professional handling of applications, continuous engagement with PLIs, rigorous due diligence, and transparent monitoring of the entire process.
He said the agency is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.
