Only One Shipowner Gets CVFF Approval So Far
Only one of the 92 applications received under the Federal Government’s Cabotage Vessel Financing Fund has so far been reviewed and forwarded for approval, despite plans to provide successful Nigerian shipowners with up to $25m each.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Monday while announcing that the long-delayed fund would soon begin reaching qualified applicants.
The CVFF was established in 2003 to help Nigerian shipping companies acquire vessels and build local capacity, but its disbursement has remained pending for more than two decades.
Oyetola said the government was now working to unlock the fund, describing access to affordable, long-term financing as one of the major challenges facing Nigerian-owned shipping companies.
He said each successful applicant could access up to $25m to acquire vessels, subject to the required assessment and approval process.
According to him, 92 applications have so far been received by the Nigerian Maritime Administration and Safety Agency, with 20 forwarded to Primary Lending Institutions for consideration.
However, only one application has so far been reviewed and sent forward for approval.
To speed up the process, Oyetola said the number of approved banks handling the fund had been increased from five to 12. He added that the CVFF Application Portal had also been launched to make the process more transparent and accessible.
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The minister said he had directed NIMASA to work with the 12 approved banks to accelerate the disbursement of the fund to qualified applicants.
Oyetola said the financing would allow Nigerian shipowners to acquire modern vessels, expand their fleets and compete for coastal and offshore contracts currently dominated by foreign operators.
He said the government expected increased indigenous ownership to boost activities in shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries.
According to the minister, the programme could create more than 30,000 direct and indirect jobs while strengthening Nigeria’s ship-owning and shipbuilding sector.
He also said the government was investing in the workforce needed to support the maritime industry.
Oyetola disclosed that 222 seafarers had received free professional training, while 333 cadets had completed academic training and obtained degrees. He added that 135 cadets under the Nigerian Seafarers Development Programme had obtained Certificates of Competency.
The minister further said 7,059 Nigerian seafarers had been placed onboard vessels to gain sea-time experience.
The Federal Government launched the CVFF application portal in January 2026 and announced that successful applicants could access up to $25m in financing.
NIMASA had disclosed in April that it received more than 60 applications within four months of opening the portal. The latest figure of 92 applications shows that interest in the fund has continued to grow.
Oyetola said the government remained committed to increasing Nigerian ownership and participation in the maritime sector through vessel financing, skills development and investment.
