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By Philip Nwosu
The Federal Government has formally launched the Cabotage Vessel Financing Fund (CVFF) application portal, marking a significant step towards strengthening Nigeria’s maritime sector and promoting indigenous ship ownership.
Speaking at the event, the Minister of Marine and Blue Economy said the initiative aligns with the Federal Government’s drive to diversify the economy, enhance resilience and reposition the maritime sector as a key pillar of national development.
He recalled that the creation of the Federal Ministry of Marine and Blue Economy by President Bola Ahmed Tinubu in August 2023 was a strategic policy move aimed at unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways, while broadening the country’s economic base.
According to the minister, despite Nigeria’s strategic location, extensive coastline and entrepreneurial capacity, indigenous participation in coastal and inland shipping has remained limited, largely due to the absence of a credible and transparent financing framework to support local shipowners.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address this gap. However, he explained that institutional and regulatory issues over the years required a cautious approach to ensure the fund is transparent, disciplined and sustainable before full operationalisation.
He noted that the fund is structured as a strategic development instrument to provide access to competitive vessel financing for indigenous operators, reduce dependence on foreign‑flagged vessels, create jobs for Nigerian seafarers and stimulate growth in allied sectors such as shipbuilding, ship repair and maritime services.
The minister added that a stronger indigenous fleet would also enhance maritime safety and security by improving operational visibility within Nigerian waters and supporting national efforts to maintain a secure and efficient maritime domain.
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Describing the CVFF as a revolving fund, he stressed that beneficiaries would be expected to meet their repayment obligations to ensure the sustainability of the intervention for future generations of maritime entrepreneurs.
He disclosed that the ministry, working with the Nigerian Maritime Administration and Safety Agency (NIMASA), the Federal Ministry of Finance, the Central Bank of Nigeria and other stakeholders, had developed a governance and financing framework in line with international best practices.
The minister said the launch of the CVFF application portal formally begins the implementation process, introducing transparency, accountability and order into the administration of the fund. Eligible Nigerian shipowners, he explained, can now submit applications through the portal, which will be assessed based on clearly defined criteria and rigorous due diligence by approved Primary Lending Institutions.
He added that the fully digital portal aligns with the Federal Government’s e‑Government agenda and the objectives of the Presidential Enabling Business Environment Council (PEBEC), aimed at reducing bureaucracy, eliminating discretion and improving the ease of doing business.
Calling on indigenous shipowners and other stakeholders to take advantage of the opportunity, the minister said the operationalisation of the CVFF reflects the Renewed Hope Agenda of President Tinubu and the administration’s commitment to building an inclusive, competitive and sustainable blue economy.
He thereafter formally declared the CVFF application portal open, expressing confidence that the initiative would strengthen Nigeria’s shipping industry and contribute meaningfully to national economic growth.
