Officials at the launch of CVFF at Eko Hotels, Lagos on 22/1/26
Further to fulfilling the way forward for maritime growth, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, on 22 January 2026, unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal at Eko Hotel and Suites, Lagos.
Business Hilights reports that the launched website address is https://nimasa.gov.ng/cabotage-vessel-financing-fund/
Though the federal government was silent on the clear availability of the said fund itself, the launch marks the long-awaited operationalisation of structured financing for indigenous shipowners, two decades after the Fund was first established under the Cabotage Act of 2003.
Declaring the portal open, Oyetola described the initiative as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
He stressed that the CVFF would help reduce reliance on foreign-flagged vessels, retain value within the domestic economy, create jobs for Nigerian seafarers, and stimulate growth in allied industries such as shipbuilding and repair.
The newly launched portal will serve as the institutional gateway for CVFF applications, enabling eligible shipowners to submit requests online.
Applications will be vetted against clear criteria, with oversight provided by approved Primary Lending Institutions.
Oyetola noted that digitising the process aligns with the Federal Government’s e-Government agenda, ensuring efficiency, transparency, and accountability.
The Director General of NIMASA, Dr Dayo Mobereola, reaffirmed the agency’s commitment to the professional administration of the Fund. A dedicated CVFF unit has been established to manage applications, coordinate with financial institutions, and enforce strict compliance and risk management standards.
Mobereola emphasised that the Fund would operate as a reliable financing window, offering competitive long-term rates to Nigerian shipowners.
Goodwill messages from the Senate Committee on Marine Transport and the House Committee on Maritime Safety, Education and Administration praised the launch as a landmark achievement. Industry leaders, including the Nigerian Maritime Law Association, the Chamber of Shipping, and shipowners’ associations, hailed the portal as a turning point for indigenous capacity development and investor confidence.
The CVFF, dormant for over 20 years, is now positioned to provide up to USD 25 million per qualified applicant for vessel acquisition, subject to international safety and performance standards.
Stakeholders believe the Fund will accelerate Nigeria’s participation in coastal and inland trade, enhance maritime safety, and strengthen the country’s role in the global blue economy.
