The Minister of Marine and Blue Economy, Adegboyega Oyetola, has officially launched the Cabotage Vessel Financing Fund (CVFF) Application Portal, marking a major milestone in Nigeria’s maritime development. The initiative introduces a structured and transparent digital platform designed to help indigenous shipowners access long-awaited financing.
Speaking at the launch in Lagos, Oyetola described the portal as a critical step in repositioning the maritime sector as a key driver of national economic growth. According to the minister, the move aligns with the government’s broader goal of diversifying the economy by fully harnessing Nigeria’s coastal assets and inland waterways.
A New Direction for Nigeria’s Blue Economy
For decades, limited access to affordable financing has constrained the growth of local shipping operators, allowing foreign-flagged vessels to dominate coastal and inland trade. The CVFF portal is intended to reverse this trend by providing Nigerian shipowners with access to competitive funding for vessel acquisition. The government believes this will improve local participation in maritime trade, retain more value within the domestic economy, and generate employment opportunities for Nigerian seafarers.
Breaking a Two-Decade Logjam
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003, but institutional and structural challenges prevented its effective deployment for more than 20 years. Since assuming office, Oyetola has made the fund’s operationalization a priority. Central to the new framework is a revolving fund model, ensuring that loan repayments replenish the fund and make it sustainable for future beneficiaries.
Digital Transparency and Ease of Access
The introduction of a fully digital application portal represents a significant shift in governance and service delivery. By digitizing the application, evaluation, and approval processes, the Ministry is aligning with the Federal Government’s e-Government agenda. The system is expected to reduce bureaucratic delays, improve transparency, and enhance the ease of doing business. Applications submitted through the portal will be assessed through a structured process involving approved Primary Lending Institutions (PLIs).
NIMASA’s Role in Implementation
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, confirmed that a dedicated CVFF unit has been created to oversee implementation. NIMASA will coordinate with financial institutions, enforce compliance with eligibility criteria, and ensure that funded vessels meet international safety and operational standards. The agency says this approach is designed to build long-term confidence among investors and industry stakeholders.
Funding Scope and Eligibility
Under current guidelines issued in 2025, eligible Nigerian shipping companies can access up to $25 million each at competitive interest rates. The funding is targeted at the acquisition of modern, internationally compliant vessels. Beyond strengthening ship ownership, the government expects the initiative to stimulate growth across related sectors such as shipbuilding, ship repair, and maritime support services.
With the launch of the CVFF Application Portal, the Nigerian government has taken a decisive step toward unlocking the full potential of the country’s maritime industry and accelerating the growth of its blue economy.
