Oyetola Directs NIMASA to Expedite CVFF Disbursement

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

Oyetola's statement, issued by his Special Adviser, Dr. Bolaji Akinola, revealed that NIMASA has received 92 funding applications, with 20 submitted to the PLIs and one application reviewed for approval. The minister's initiative marks a significant milestone in enhancing indigenous participation in the maritime industry.

In April 2025, he directed NIMASA to initiate the disbursement process, leading to the launch of the CVFF Application Portal in Lagos on January 22, 2026. This portal aims to streamline financing applications for eligible shipowners.

Oyetola also expanded the number of PLIs from five to 12, projecting the initiative could create over 30,000 jobs in related sectors.