Bayo Akomolafe 
The Federal Government has launched the Cabotage Vessel Financing Fund (CVFF) Application Portal for indigenous shipowners.
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, unveiled the portal on Thursday at Eko Hotel and Suites, Victoria Island, Lagos, marking a historic step in Nigeria’s long-awaited effort to operationalise structured vessel financing.
The event attracted senior government officials, maritime industry leaders, legislators and other key stakeholders across the sector.
Speaking at the event, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF achieves its purpose. He explained that NIMASA had 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.
“Our objective is 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.
He assured stakeholders of professional handling of applications, continuous engagement with Primary Lending Institutions (PLIs), rigorous due diligence and transparent monitoring of the entire process. According to him, the agency is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practices.
Declaring the portal open, Dr Oyetola described the occasion as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
He noted that the launch aligns with the Federal Government’s broader objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
According to the minister, the maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, 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. Today, we are changing that narrative,” Oyetola said.
He recalled that the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners. However, he acknowledged that institutional and structural challenges delayed its operationalisation over the years.
Oyetola explained that upon assuming office, his ministry adopted a clear policy objective to strengthen Nigeria’s maritime capacity and ensure the CVFF was implemented strictly in line with sound governance and financial principles.
“The CVFF is structured as a strategic development instrument. By facilitating access to competitive vessel financing for indigenous operators, we aim to reduce reliance on foreign-flagged vessels in our coastal trade, retain 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 said.
The minister emphasised that the Fund’s impact extends beyond economics, noting that a stronger indigenous fleet would enhance maritime safety and security while supporting national efforts to maintain a regulated and efficient maritime domain.
He stressed accountability, reminding potential beneficiaries that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
Oyetola further explained that the newly launched digital portal would serve as the institutional gateway for transparent administration of the Fund. He added that the portal aligns with the Federal Government’s e-Government agenda by reducing bureaucratic bottlenecks and improving ease of doing business.
Through the platform, 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.
“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. I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise and contribute meaningfully to national growth,” he said.
In their goodwill messages, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinlokun, and the Chairman of the House Committee on Maritime Safety, Education and Administration, Hon. Khadija Bukar Abba Ibrahim, commended Minister Oyetola and NIMASA for what they described as a landmark achievement that responds to longstanding demands of the maritime community. They pledged continued legislative support to ensure effective implementation of the Fund and sustained reforms in the sector.
Industry stakeholders also expressed strong support for the initiative. The President of the Nigerian Maritime Law Association, Mike Igbokwe (SAN); President of the Nigerian Chamber of Shipping, Aminu Umar; President of the Nigerian Shipowners Association, Sola Adewunmi; and President of the Shipowners Association of Nigeria, Sonny Eja, praised the Minister and NIMASA for their commitment to unlocking the CVFF.
They described the launch of the portal as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to provide structured financing for Nigerian shipping companies to acquire vessels and participate meaningfully in domestic maritime trade.
However, for more than two decades, the Fund remained largely inaccessible, leaving indigenous operators dependent on costly foreign financing or foreign-flagged vessels.
