OYETOLA ASSURES INDIGENOUS SHIPOWNERS OF GOVERNMENT SUPPORT, PROMISES COMMITMENT TO CVFF DISBURSEMENT
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has reaffirmed the Federal Government’s commitment to strengthening indigenous shipping capacity, assuring Nigerian shipowners of sustained support and promising his commitment to the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified applicants.
Oyetola 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.
The minister said the administration remained committed to the effective implementation of the Coastal and Inland Shipping (Cabotage) Act to ensure that Nigerians participate fully in the ownership and operation of vessels engaged in domestic maritime trade.
“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,” he said.
As part of efforts to address longstanding concerns over access to financing, Oyetola disclosed that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the CVFF to eligible beneficiaries.
“Progress may require patience, but our direction remains firm,” the minister stated, underscoring the administration’s determination to advance the fund’s implementation.
The CVFF is regarded as a critical financing instrument for supporting Nigerian shipowners and expanding indigenous participation in the maritime industry. Its effective deployment is expected to strengthen the national fleet and improve local capacity to compete in the domestic shipping market.
According to Oyetola, the benefits of the fund extend beyond vessel acquisition to other segments of the maritime value chain, including shipbuilding, marine engineering, vessel maintenance and maritime logistics.
He stressed that developing indigenous shipping capacity remained central to the government’s broader objective of ensuring that Nigerians derive greater economic benefits from the country’s maritime resources.
“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 also highlighted the importance of professional training, local expertise development, support for indigenous businesses and strategic investment in building a 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,” he added.
The Ambassador, Embassy of the Kingdom of Denmark in Nigeria, Jens Ole Bach Hansen, did a presentation on Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria” at the event.