ABUJA, Nigeria, 22 January 2026 — The Federal Government has unveiled a US$25 million vessel financing initiative aimed at strengthening Nigeria’s indigenous shipping capacity, officials announced on Thursday. The scheme, framed under the Cabotage Vessel Financing Fund (CVFF), is expected to transform long-standing financing challenges faced by local shipowners.
The announcement was made in a statement by the Ministry of Marine and Blue Economy, outlining that eligible Nigerian shipowners can apply for financing of up to US$25 million each to acquire modern vessels that meet international safety and performance standards.
Minister Adegboyega Oyetola described the development as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.” He said the initiative aligns with the government’s wider objective of economic diversification and harnessing the country’s maritime domain, coastal resources and inland waterways.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to provide structured financing for Nigerian shipping companies. However, it remained largely inaccessible for more than two decades due to institutional and structural hurdles. With the launch of the online CVFF Application Portal, the government said the waiting is now over for local operators seeking competitive vessel financing.
Explaining how the scheme will operate, the ministry stated that financing applications will be processed in collaboration with approved Primary Lending Institutions, which will carry out due diligence and financial assessment before approval. The portal is also expected to enhance transparency, improve predictability and reduce bureaucratic delays that previously impeded access to the fund.
“This initiative is not only about providing capital,” Oyetola said. “It is about empowering Nigerian enterprise, retaining value within the domestic economy and stimulating growth in related sectors such as shipbuilding, ship repair, and maritime services.”
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its mandate. He said NIMASA has set up a dedicated unit to manage the implementation of the fund, coordinate with financial institutions and ensure strict compliance with eligibility criteria and risk-management standards.
Stakeholders in the maritime industry have welcomed the move, expressing optimism that the financing scheme will finally unlock opportunities for indigenous operators who have long struggled with high costs and dependence on foreign financing or foreign-flagged vessels.
With the new portal now in operation, eligible shipowners can begin submitting applications, marking what many in the sector have described as a watershed moment for Nigeria’s maritime economy.
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