Maritime
‘CVFF to revive indigenous shipbuilding, create 30,000 jobs’
By Josephine Lucas
The Federal Government has said the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners will revive indigenous shipbuilding and create more than 30,000 direct and indirect jobs across the maritime sector.
Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, gave the indication while directing the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the long-awaited fund.
Oyetola, in a statement issued yesterday by his Special Adviser, Dr Bolaji Akinola, said significant progress had been recorded in the processing of applications under the CVFF framework.
He disclosed that NIMASA had received 92 applications for funding, with 20 already submitted to the PLIs, while one application had been reviewed and forwarded for approval.
The Minister’s directive is aimed at ending more than two decades of delays that have prevented Nigerian shipowners from accessing the fund, which is expected to provide low-interest, long-term financing for the acquisition of modern vessels and expansion of indigenous fleets.
According to him, the fund will strengthen the capacity of Nigerian shipowners to compete for coastal and offshore shipping contracts, reduce dependence on foreign vessel operators and retain more value within the Nigerian economy.
Oyetola said the initiative could generate more than 30,000 direct and indirect jobs in shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s domestic ship-owning and shipbuilding ecosystem.
The Minister said the Federal Government’s decision to commence the disbursement followed President Bola Ahmed Tinubu’s authorisation to address the long-standing financing challenges confronting domestic maritime operators and unlock the economic potential of the blue economy.
He recalled that in April 2025, he directed NIMASA to commence the process for the disbursement of the CVFF, marking what he described as a decisive break from years of administrative delays.
The process gathered momentum with the launch of the CVFF Application Portal in Lagos on January 22, 2026, providing a structured and transparent platform for eligible Nigerian shipowners to apply for financing.
Oyetola also expanded the number of PLIs from five to 12 in a bid to accelerate the processing and disbursement of the fund.
Beyond vessel financing, the Minister said the Federal Government was investing in the development of Nigerian seafarers through expanded training, certification and welfare initiatives.
He disclosed that 222 seafarers had received free training in basic and advanced professional courses, while 333 cadets had completed their academic training and obtained degrees.
Under the Nigerian Seafarers Development Programme (NSDP), he added, 135 cadets had completed the programme and obtained their Certificates of Competency (CoC).
Oyetola further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire sea-time experience.
He said the interventions were part of the Federal Government’s broader strategy to build a competitive maritime workforce, strengthen indigenous capacity and ensure that Nigerians benefit directly from opportunities in the blue economy.
The Minister said the ongoing CVFF process represented an important step towards repositioning Nigeria’s indigenous shipping industry after years of limited access to maritime finance.