Oyetola Directs NIMASA to Accelerate CVFF Disbursement

The Federal Government has intensified efforts to operationalize the Cabotage Vessel Financing Fund (CVFF) for qualified indigenous shipowners. Dr Adegboyega Oyetola, the Minister of Marine and Blue Economy, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to expedite the disbursement process.

This announcement was made during the 2026 Annual Summit of the Shipping Correspondents Association of Nigeria (SCAN) at Rockview Hotel, Apapa, Lagos. Oyetola, represented by Anastasia Ogbonna, the Director of Information and Public Relations at the Federal Ministry of Marine and Blue Economy, noted that the government has improved access to the Fund, which was established under the Coastal and Inland Shipping (Cabotage) Act, 2003.

A dedicated CVFF application portal was launched in January 2026, and the number of approved Primary Lending Institutions increased from five to twelve. Oyetola emphasized the need for transparent administration and responsible repayment to ensure the Fund's sustainability.

He also mentioned exploring a national shipping line through public-private partnerships to enhance Nigeria's shipping capacity.