Oyetola Urges Fast-Track CVFF Disbursement to Shipowners

Adegboyega Oyetola, the Minister of Marine and Blue Economy, has called on the Nigerian Maritime Administration and Safety Agency (NIMASA) to collaborate with the 12 approved Primary Lending Institutions (PLIs) to expedite the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners. This initiative aims to resolve over two decades of delays in accessing the fund, which is crucial for fostering growth, investment, and job creation in Nigeria's maritime sector.

Oyetola disclosed that NIMASA has received 92 funding applications, with 20 submitted to the PLIs and one application reviewed for approval. He emphasized that the operationalization of the CVFF is a significant milestone in enhancing indigenous participation in the maritime industry.

In April 2025, Oyetola directed NIMASA to initiate the disbursement process, marking a departure from administrative stagnation. The CVFF is expected to provide low-interest financing for vessel acquisition and fleet expansion, potentially generating over 30,000 jobs and reducing reliance on foreign operators.