FG directs NIMASA, lenders to fast-track disbursement of vessel financing fund

FG directs NIMASA, lenders to fast-track disbursement of vessel financing fund

 The federal government has directed the Nigeria Maritime
Administration and Safety Agency (NIMASA) and 12 primary lending institutions
(PLIs) to fast-track the disbursement of the cabotage vessel financing fund
(CVFF).

 

CVFF was established in 2003 under Section 42 of the Coastal
and Inland Shipping (Cabotage) Act.

 

According to NAN, Adegboyega Oyetola, minister of marine and
blue economy, announced the development in a statement on Sunday by Bolaji
Akinola, his special adviser.

 

Oyetola said the move was aimed at ending about 20-year
delay in accessing the fund and unlocking investment, growth, and job
opportunities in Nigeria’s maritime sector.

 

 

The minister said NIMASA had received 92 applications for
funding under the CVFF, with 20 forwarded to the PLIs and one reviewed and
submitted for final approval.

 

He said operationalising the fund marked a major milestone
in the federal government’s efforts to strengthen indigenous participation in
coastal and offshore shipping.

 

Oyetola recalled that in April 2025, he directed NIMASA to
commence the disbursement of the fund, ending years of administrative delays
and paving the way for the repositioning of Nigeria’s indigenous shipping
capacity.

 

 

He said the process gained further momentum with the launch
of the CVFF application portal in Lagos on January 22, designed to provide
eligible shipowners with transparent and structured access to the fund.

 

According to the minister, the number of PLIs was later
increased from five to 12 to widen access and reduce bottlenecks in loan
processing.

 

Oyetola said the CVFF had accumulated for more than two
decades without being accessed, adding that the fund was established to provide
low-interest, long-term financing for vessel acquisition.

 

He said the fund would enable Nigerian shipowners to compete
for coastal shipping contracts, reduce dependence on foreign vessels, and
retain more value within the Nigerian economy.

 

 

The minister projected that the initiative could create more
than 30,000 direct and indirect jobs in shipyards, marine engineering firms,
and maritime logistics companies across the country.

 

He said the disbursement followed President Bola Tinubu’s
authorisation to address long-standing financing challenges and unlock the
economic potential of Nigeria’s blue economy.

 

Beyond financing, Oyetola said the ministry was also
investing in seafarer development through NIMASA by expanding training,
certification, and welfare initiatives for maritime professionals.

 

He said 222 seafarers had received free training in basic
and advanced courses, while 333 cadets had completed academic training and
obtained degrees.

 

 

“Under the Nigerian Seafarers Development Programme, 135
cadets successfully completed the programme and obtained Certificates of
Competency,” the minister said.

 

Oyetola added that 7,059 Nigerian seafarers had been placed
onboard vessels to acquire the required sea-time experience for career
progression.

 

He said the interventions reflected the government’s
commitment to developing a competitive maritime workforce and ensuring
Nigerians benefit directly from opportunities in the blue economy.

 

In 2025, Oyetola announced the federal government’s plan to
end the issuance of waivers under the Coastal and Inland Shipping Act of 2003.

Source: FG directs NIMASA, lenders to fast-track disbursement of vessel financing fund



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