Applicants Can Now Access $25m from Cabotage Fund – Oyetola

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that eligible applicants can now access up to $25 million each from the Cabotage Vessel Financing Fund (CVFF) at competitive interest rates.

According to a statement by the Minister’s Special Adviser on Media and Communications, Dr. Bolaji Akinola, the Nigerian Maritime Administration and Safety Agency (NIMASA) has been directed to begin the disbursement process.

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to support Nigerian shipping companies in acquiring vessels that meet international standards. The fund has reportedly accrued up to $350 million but remained dormant for over two decades until this recent directive.

Oyetola said the disbursement of the CVFF marks a turning point in Nigeria’s maritime sector and aligns with the Federal Government’s broader strategy of empowering local shipowners, creating jobs, and boosting economic growth.

The fund will be managed in collaboration with selected Primary Lending Institutions to ensure transparency and professional handling.

“This move goes beyond just releasing funds; it’s a strategic investment in the future of Nigerian shipping. We’re building an industry that can compete globally, stimulate local shipbuilding, and reduce dependence on foreign vessels,” Oyetola said.

He emphasized the significance of this step, stating that a strong indigenous fleet is a vital national asset and that this development reflects Nigeria’s readiness to enhance its maritime capabilities.