Oyetola directs NIMASA, PLIs to fast-track CVFF disbursement to ship owners

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.

The directive underscored the minister’s determination to end more than two decades of delays surrounding the disbursement of the fund and unlock a new era of growth, investment and job creation in Nigeria’s maritime sector.

In a statement issued by his Special Adviser, Dr Bolaji Akinola, on Sunday, Oyetola said significant progress had been made in processing applications under the CVFF framework.

He disclosed that NIMASA had received 92 funding applications, with 20 already submitted to the PLIs and one application reviewed and forwarded for approval.

The minister’s push for the operationalisation of the CVFF marks a major milestone in the Federal Government’s efforts to strengthen indigenous participation in Nigeria’s maritime industry.

In April 2025, Oyetola directed NIMASA to commence the process for the long-awaited disbursement of the fund, signalling a decisive break from years of administrative stagnation and setting the stage for the strategic repositioning of Nigeria’s indigenous shipping capacity.

The momentum continued with the launch of the CVFF Application Portal in Lagos on 22 January 2026. The portal established a more transparent and structured process through which eligible Nigerian shipowners could apply for financing, further advancing the Federal Government’s efforts to institutionalise access to maritime finance.

To further accelerate the process, Oyetola announced an expansion of the number of Primary Lending Institutions from five to 12.

The minister said the initiative has the potential to generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s domestic ship-owning and shipbuilding ecosystem.