In Historic Move, Oyetola Orders NIMASA to Commence CVFF Disbursement

Kasim Sumaina in Abuja

The Minister of Marine and Blue Economy, Adegboyega Isiaka Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that would lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).

This was disclosed in statement, yesterday, by the Media & Communications Adviser to the Minister, Dr. Bolaji Akinola.

According to the statement, the directive was a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping. 

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalise the fund until now.

“Under the leadership of President Bola Ahmed Tinubu, and Oyetola, the federal government has signaled a deliberate course correction.

“The disbursement of the CVFF would represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development,” the statement added.

It quoted Oyetola to have said: “This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history.

“For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life deliberately, transparently, and strategically.

“We are not merely funding vessels; we are investing in a future where Nigerian shipping companies can stand shoulder-to-shoulder with their international counterparts. This is a turning point—one that affirms our commitment to local content, economic resilience, and maritime sovereignty.”

Continuing, Oyetola added that the disbursement of the CVFF was anticipated to yield far-reaching benefits.

“It will enable the growth of a stronger, self-sufficient shipping fleet, generate employment opportunities, stimulate local shipbuilding and repair industries, and significantly reduce capital flight associated with foreign vessel chartering,” it added.

According to the statement, industry stakeholders hailed the move as a, “watershed moment” for Nigerian maritime development. Experts believe that with proper implementation, the CVFF will help realign the industry toward long-term growth, enhanced logistics efficiency, and global relevance.

“We are doing what should have been done years ago—because our vision is clear,” said Oyetola. “A strong indigenous fleet is not just a matter of pride; it is a strategic national asset. Through this intervention, we will be securing jobs, strengthening our economy, and redefining our place in the global maritime economy.”

“This decisive action by the Tinubu administration and the Ministry of Marine and Blue Economy represents a historic milestone, reaffirming Nigeria’s readiness to take its rightful place on the global maritime stage—powered by indigenous capacity, guided by clear policy, and sustained by unwavering political will.”

The statement, however revealed that NIMASA, in alignment with the Minister’s directive, has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.

Qualified applicants, it stated could access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.

The fund would be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.