Oyetola Assures Indigenous Shipowners of FG Unwavering Support, Says CVFF Disbursement Now Irreversible
Oyetola Assures Indigenous Shipowners of FG Unwavering Support, Says CVFF Disbursement Now Irreversible
…Says Cabotage Act Implementation Non-Negotiable, Local Fleet Expansion Key to Blue Economy
By Success Okezie
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has reaffirmed the Federal Government’s unwavering commitment to empowering indigenous shipowners, assuring that the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF) will be pursued to a logical conclusion.
The Minister gave the assurance on Friday at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy, held in Victoria Island, Lagos, where stakeholders gathered to review the progress and prospects of Nigeria’s blue economy.
Addressing indigenous operators who have for years clamoured for access to the fund, Oyetola was emphatic that the era of lip service to local capacity development in the maritime sector is over.
“To our indigenous shipowners, I wish to reaffirm this Administration’s commitment to the development of indigenous shipping capacity and the effective implementation of the Coastal and Inland Shipping (Cabotage) Act,” the Minister declared.
He stressed that the administration of President Bola Ahmed Tinubu remains fully committed to ensuring that Nigerians take their rightful place in the ownership and operation of vessels engaged in coastal and inland maritime trade, in line with the Cabotage Act.
In a decisive move to address the decades-long bottleneck surrounding the CVFF, Oyetola disclosed that he has issued a direct directive to the Nigerian Maritime Administration and Safety Agency (NIMASA) to work in concert with the approved Primary Lending Institutions (PLIs) to fast-track the processing, verification and disbursement of the fund to qualified and eligible Nigerian shipowners.
“Progress may require patience, but our direction remains firm,” the Minister stated, assuring stakeholders that the government is determined to break the jinx and ensure the fund achieves its intended purpose.
The CVFF, established under the Cabotage Act, is widely regarded as a strategic intervention fund designed to provide financial support to indigenous shipping operators to acquire vessels and build capacity to compete favourably with foreign counterparts in domestic maritime trade. Its effective deployment has been stalled for over 20 years.
According to Oyetola, the benefits of the CVFF transcend mere vessel acquisition, noting that its effective utilization will trigger a multiplier effect across the entire maritime value chain, including shipbuilding and ship repair, marine engineering, vessel maintenance, maritime logistics, insurance and job creation for Nigerian seafarers.
“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” he said.
The Minister emphasized that building a robust indigenous fleet is central to the Federal Government’s broader vision of ensuring that Nigerians derive maximum economic benefits from the nation’s vast marine resources and that the blue economy becomes a major driver of national prosperity.
He further highlighted the need for sustained investment in professional training, seafarer development, local expertise, support for indigenous maritime businesses and strategic partnerships to build a globally competitive domestic maritime industry.
“Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” Oyetola added.
The event also featured a thought-provoking presentation by the Ambassador of the Kingdom of Denmark to Nigeria, Mr. Jens Ole Bach Hansen, on “Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria,” which provided valuable insights for Nigeria’s blue economy aspirations.
The assurances from the Minister were received with optimism by indigenous operators who see the renewed commitment to CVFF disbursement as a turning point for local shipping in Nigeria.
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