The Federal Government says qualified Nigerian shipowners will be able to access up to $25 million each under the Cabotage Vessel Financing Fund (CVFF).
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said disbursement of the long-awaited fund would soon begin, more than 20 years after it was established.
According to Oyetola, the initiative is aimed at strengthening indigenous shipping, reducing foreign dominance in Nigeria’s maritime sector and creating more than 30,000 direct and indirect jobs.
He said access to affordable long-term financing would enable Nigerian shipowners to acquire modern vessels, expand their fleets and compete for coastal and offshore contracts.
The minister directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to accelerate the disbursement process in collaboration with 12 approved banks.
NIMASA has received 92 applications, with 20 forwarded to the approved banks and one already reviewed and sent for approval.
Oyetola said the fund would also stimulate activities in shipbuilding, marine engineering, vessel maintenance and maritime logistics.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies and promote indigenous capacity in the maritime sector.
Nigeria’s ports recorded a 12.3 per cent increase in cargo throughput in the second quarter of 2026, according to the Nigerian Ports Authority’s (NPA) latest operational performance report. Cargo handled rose from 31.83 million metric tonnes in the second quarter of 2025 to 35.74 million metric tonnes during the same period in 2026. The NPA attributed the growth to ongoing reforms and improvements in the maritime sector, noting that the […]
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