Tinubu Approves CVFF Disbursement to Shipowners After Delay

President Bola Tinubu has approved the disbursement of the Cabotage Vessel Financing Fund (CVFF), which had been established over two decades ago to support indigenous participation in Nigeria’s maritime industry. Minister of Marine and Blue Economy, Adegboyega Oyetola, announced this development in a statement issued by his Special Adviser, Dr Bolaji Akinola.

Following the approval, Oyetola instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) and the 12 designated Primary Lending Institutions to expedite the processing and disbursement of the fund to qualified Nigerian shipowners. The minister stated that this intervention would unlock maritime investment, expand indigenous participation in coastal and offshore shipping, and create thousands of jobs.

NIMASA has received 92 applications under the CVFF framework, with 20 forwarded to lending institutions and one cleared for final approval. Oyetola noted that he had directed NIMASA in April 2025 to initiate the disbursement process, which had been delayed for years.

The CVFF is designed to provide eligible Nigerian maritime operators with low-interest, long-term financing for vessel acquisition.