Oyetola Directs NIMASA to Commence Process of CVFF Disbursement
In a landmark move poised to reshape Nigeria’s maritime landscape, the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Isiaka Oyetola (CON), has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF). This directive marks 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, under former President Olusegun Obasanjo was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund for over two decades until this new directive by the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Isiaka Oyetola.
In a statement, signed by Dr. Bolaji Akinola, Media & Communications Adviser to the Honourable Minister
Federal Ministry of Marine and Blue Economy he noted that under the visionary leadership of President Bola Ahmed Tinubu, GCFR, and the determined stewardship of Minister Oyetola, the Federal Government has signaled a deliberate course correction.
Furthermore, the disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development. According to Oyetola,
“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history,” Furthermore he noted. “For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically.”
It would be recalled that in alignment with the Honourable Minister’s directive, NIMASA has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply. Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards. The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
“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,” Oyetola added. “This is a turning point—one that affirms our commitment to local content, economic resilience and maritime sovereignty.”
The disbursement of the CVFF is 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.
Industry stakeholders have 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.
Meanwhile, the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola (CON), has extended warm felicitations to all maritime workers across the country as Nigeria joins the global community to mark the 2025 International Workers’ Day. The Minister lauded the resilience, dedication, and invaluable contributions of workers within the marine and blue economy sector to the growth and sustainability of Nigeria’s economy.
He described the maritime industry as a cornerstone of Nigeria’s economic architecture and emphasized that the sector remains vital to the realization of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
“Without your daily sacrifices and commitment to excellence, our ports and inland waterways would not function as efficiently as they do. You represent the strength and tenacity of our national workforce, and your dedication inspires our collective ambition to transform Nigeria into a maritime hub of global repute,” the Minister stated.
Oyetola reaffirmed the Ministry’s commitment to fostering policies that protect the rights and welfare of maritime workers, while also prioritizing investments in infrastructure, technology, and training that would enhance productivity and working conditions in the sector.
“As we celebrate this year’s Workers’ Day, I wish to assure all maritime professionals that the Ministry of Marine and Blue Economy stands firmly with you. Together, we will build a modern, secure, and thriving maritime sector that creates jobs, drives innovation, and enhances national development,” he concluded.
The Minister also used the occasion to call for continued collaboration between government agencies, labour unions, and private stakeholders to ensure that the maritime workforce remains competitive, well-motivated, and future-ready.
International Workers’ Day, also known as May Day, is observed annually on May 1 to celebrate workers’ rights and highlight the vital role they play in driving socio-economic advancement.
Meanwhile, the Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has called on the Minister of Marine and Blue Economy, Adegboyega Oyetola to carry out thorough verification of credit ratings of Nigerian shipowners before going ahead to disburse the Cabotage Vessel Financing Fund (CVFF).
In a letter to the Minister, dated 30th April 2025, signed by President of APFFLON, Otunba Frank Ogunojemite, the association, urged the Minister to avoid the experience of the past where ship acquisition funds were mismanaged and the aim for which the funds were disbursed defeated. How the entire process relating to the disbursement of the CVFF will end remains to be seen.