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By Correspondent in Lagos.
Nigeria has taken a decisive step toward ending over two decades of vessel financing challenges for indigenous shipowners with the unveiling of the Cabotage Vessel Financing Fund (CVFF) Application Portal, a move stakeholders describe as a major breakthrough for the maritime industry.
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, launched the digital portal in Lagos, declaring it open to eligible Nigerian shipowners seeking access to the long-awaited fund established under the Coastal and Inland Shipping (Cabotage) Act of 2003.
Oyetola said the portal would provide transparent, efficient and predictable access to the CVFF through approved Primary Lending Institutions, enabling indigenous operators to acquire modern vessels and expand their operations.
“By digitising the entire application and evaluation process, we are simplifying access, improving transparency and ensuring professional financial oversight,” the minister said.
He described the portal as a historic milestone in operationalising structured financing for local ship ownership, noting that institutional and structural challenges had delayed the fund’s implementation for more than 20 years.
According to Oyetola, the initiative aligns with President Bola Tinubu’s broader economic diversification agenda and the repositioning of the maritime sector as a critical driver of national growth.
He said effective deployment of the CVFF would reduce Nigeria’s dependence on foreign-flagged vessels, retain maritime value within the domestic economy,
create employment for Nigerian seafarers and stimulate growth in shipbuilding, ship repair and other allied services.
The minister also stressed that the CVFF is a revolving fund, urging beneficiaries to utilise and repay the loans prudently to guarantee sustainability for future generations.
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, said the agency had established a dedicated CVFF unit to manage applications, coordinate with financial institutions and ensure strict compliance with eligibility and risk-management standards.
“Our goal is to make the CVFF a reliable and practical financing window for indigenous shipowners to access long-term funding at competitive rates,” Mobereola said.
He assured stakeholders of rigorous due diligence, transparent monitoring and adherence to global best practices throughout the disbursement process.
On the financial structure of the fund, NIMASA’s Financial Adviser on CVFF, Mr Yusuf Buhari, disclosed that 12 banks had been shortlisted as Primary Lending Institutions, adding that the loans would run for up to eight years at an interest rate of 6.5 per cent per annum.
He said qualified applicants could access up to 25 million dollars to acquire vessels that meet international safety and performance standards.
Lawmakers also welcomed the development, with Chairman of the Senate Committee on Marine Transport, Sen. Wasiu Eshinloku, describing the portal as a response to longstanding demands of the maritime community.
Eshinloku urged beneficiaries to deploy the funds strictly for industry development, noting that increased indigenous ship ownership would generate jobs and strengthen Nigeria’s maritime economy.
Similarly, the Chairman of the House Committee on Maritime Safety, Education and Administration, Hajia Khadija Ibrahim, pledged legislative oversight to ensure the fund is disbursed in line with the law and utilised for vessel expansion and operational efficiency.
Maritime stakeholders, including shipowners, lawyers and industry associations, hailed the portal as a turning point for indigenous capacity development and investor confidence, expressing optimism that the long-dormant CVFF would finally achieve its original purpose.
Edited by Dada Ahmed.
