FG launches CVFF application portal
Agency Report
The Nigerian shipping industry got a fresh breath of development on Thursday as the federal government officially launched and unveiled the much-anticipated Cabotage Vessel Financing Fund (CVFF) Application Portal.
Minister of Marine and Blue Economy, Dr Adegboyega Oyetola said the development marks a historic step in Nigeria’s long-awaited journey to operationalise structured financing for indigenous ship ownership.
Oyetola spoke while declaring the Declaring the portal open in Lagos at the event attended by senior government officials, maritime industry leaders, legislators and key stakeholders from across the sector.
The Minister said “it is a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
He noted that the launch aligned with the broader national objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” the Minister said.
“A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative.”
Dr Oyetola recalled that the Cabotage Vessel Financing Fund, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners.
However, he acknowledged that institutional and structural considerations over the years delayed its operationalisation.
He stated that upon assuming office, his Ministry adopted a clear policy objective to strengthen Nigeria’s maritime capacity and ensure that the CVFF is implemented strictly in line with sound governance and financial principles.
“The CVFF is structured as a strategic development instrument,” he said. “By facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services.”
The Minister explained that the newly launched digital portal would serve as the institutional gateway for transparent administration of the Fund.
“Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions,” he said.
Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its purpose.
He stated that NIMASA has established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.
“Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” he said.
He assured that the agency will ensure professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence, and transparent monitoring of the entire process.
