The federal government has launched a $25 million Cabotage Vessel Financing Fund (CVFF) portal to enable Nigerians to access financing for indigenous ship ownership.
Adegboyega Oyetola, the minister of marine and blue economy,
launched the portal in Lagos on Thursday.
In a statement following the event, Bolaji Akinola, the
minister’s spokesperson, said the CVFF was established under the Coastal and
Inland Shipping Act of 2003 to provide financing for Nigerian shipping
companies but remained inaccessible for over 20 years.
The launch of the CVFF application portal, according to
Akinola, aims to change the inaccessibility by enabling indigenous shipowners
to access up to $25 million in financing for vessel acquisition.
During the portal launch, Oyetola described the initiative
as a strategic move to position Nigeria’s maritime sector as a key driver of
national development, aligning with efforts to diversify the economy and tap
into the country’s maritime potential.
“The maritime sector remains the backbone of global
commerce, yet despite Nigeria’s strategic geographic location and vibrant
entrepreneurial base, our participation in coastal and inland trade has
remained limited,” the minister said.
“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 the ministry, since his appointment, has
adopted a clear policy objective to strengthen Nigeria’s maritime capacity and
ensure that the CVFF is implemented strictly in line with sound governance and
financial principles.
The minister said the CVFF aims to reduce reliance on
foreign-flagged vessels in the country’s coastal trade, boost the local
economy, create jobs for Nigerian seafarers, and stimulate growth in
shipbuilding and maritime services.
He said the digital portal ensures transparent
administration of the fund, allowing eligible shipowners to apply for and
receive financing through approved institutions, with a focus on prudent
utilisation and repayment to sustain the revolving fund.
Oyetola further explained that the portal aligns with the
administration’s e-government agenda and efforts to reduce bureaucratic
bottlenecks and improve ease of doing business.
Dayo Mobereola, the director-general of the Nigerian
Maritime Administration and Safety Agency (NIMASA), reaffirmed the agency’s
commitment to the success of the CVFF.
Mobereola said NIMASA has set up a cabotage secretariat unit
to manage applications, coordinate with banks, and ensure strict adherence to
procedures.
In 2025, Oyetola announced the federal government’s plan to
end the issuance of waivers under the Coastal and Inland Shipping Act of 2003.
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