On Thursday, January 22, 2026, Nigeria marked a historic milestone as Minister Adegboyega Oyetola, CON, launched the CVFF application portal. This strategic move finally unlocks structured financing for indigenous shipowners, bringing a decade-long maritime dream to life.
Although Dr. Dayo Mobereola, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), clarified that the new portal is not an automatic approval of funds, but rather the beginning of a rigorous engagement process.
Despite this cautionary note, industry leaders—including Mike Igbokwe, SAN (Nigerian Maritime Law Association), Aminu Umar (Nigerian Chamber of Shipping), Sola Adewunmi (Nigerian Shipowners Association), and Sonny Eja (Shipowners Association of Nigeria)—praised the Minister and NIMASA for their commitment to finally unlocking the CVFF. They hailed the portal launch as a historic turning point that will bolster indigenous ship ownership, capacity development, and investor confidence in Nigeria’s maritime sector.
Established under the Coastal and Inland Shipping (Cabotage) Act of 2003, the Cabotage Vessel Financing Fund (CVFF) serves as a vital financial instrument. Its core mandate is to provide structured funding, enabling Nigerian shipping companies to acquire essential vessels and fully participate in the domestic maritime trade.
However, for over two decades, the CVFF remained largely stagnant, forcing indigenous operators to rely on expensive foreign financing or foreign-flagged vessels. Today’s launch finally addresses this multi-decade bottleneck, providing a path toward financial independence for Nigerian shipowners.
The journey to this historic launch began in 2025, when Dr. Oyetola broke years of silence by ordering NIMASA to finally commence CVFF disbursements. This bold directive wasn’t just a policy shift; it was a firm promise to indigenous shipowners that the government was ready to turn the fund’s ‘original intent’ into a powerful engine for Nigeria’s blue economy.
In response to the Minister’s directive, NIMASA issued a Marine Notice inviting eligible Nigerian shipping companies to apply for the fund. Under this framework, qualified applicants can access up to $25 million each at single-digit interest rates to acquire modern vessels that meet international safety and performance standards. The fund will be administered through 12 carefully vetted Primary Lending Institutions (PLIs), ensuring a professional, transparent, and accountable disbursement process.
