CVFF Implementation Phase Set for January 2026 Launch

The Cabotage Vessel Financing Fund (CVFF) is set to enter its implementation phase, with the Nigerian government unveiling an application portal scheduled to launch in January 2026. This fund, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, aims to empower Nigerian operators by providing access to financing for vessel acquisition and fleet expansion.

Despite being created two decades ago, the fund has remained largely inaccessible. The portal's launch is seen as a turning point for indigenous ship development, with expectations that it will eliminate bureaucratic delays.

The fund will offer loans at a single-digit interest rate of 6.5% over an eight-year repayment period, with a structure ensuring compliance and transparency. NIMASA has reported receiving 60 applications since the portal's announcement, and stakeholders remain cautiously optimistic about the fund's operationalization, given past delays in disbursement.