By Our Correspondent
Lagos, Jan. 23, ’26 (TNZ) Marine and Blue Economy Minister, Dr Adegboyega Oyetola, says the application portal for the Cabotage Vessel Financing Fund (CVFF) is a new beginning to end financing challenges faced by ship owners in the country.
TheNewsZenith reports that Oyetola made the remarks at the unveiling of the CVFF Application Portal held in Lagos on Thursday.
Oyetola said the portal would enable indigenous ship owners to access the CVFF fund, thereby boosting their operations.
“Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria.
“Robust due diligence and professional financial oversight will also support the applications through approved Primary Lending Institutions.
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive.
“I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” TheNewsZenith quotes Oyetola as saying.
The minister said that establishing the portal marked an historic step in Nigeria’s journey to operationalise structured financing for indigenous ship ownership.
He commended President Bola Tinubu for repositioning Nigeria’s maritime sector as a central pillar of national development.
Declaring the portal open, Oyetola said it aligned with the broader national objective of diversifying the economy.
It will also unlock the potential of Nigeria’s maritime domain, coastal resources and inland waterways.
He recalled that the portal was designed to address the financing gap faced by Nigerian shipowners.
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The Federal Government established the portal under the Coastal and Inland Shipping (Cabotage) Act of 2003.
On accountability, Oyetola reminded potential beneficiaries that the CVFF was a revolving fund that should be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
Also speaking, Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its purpose.
Mobereola said NIMASA had established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.
“Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” TheNewsZenith quotes Mobereola as saying.
He assured that the agency would ensure professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence, and transparent monitoring of the entire process.
According to the DG, the agency remains determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.
Chairman, Senate Committee on Marine Transport, Sen. Wasiu Eshinloku, gave a goodwill message.
Eshinloku commended Oyetola and his management team for the achievement that responded to longstanding demands of the maritime community.
He reminded the beneficiary to use the funds judiciously, adding that the CVFF fund was not a national one but for the betterment of the maritime industry.
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The chairman noted that the portal would aid indegenous ship owners to own ships. This, on the long run, will create more jobs for Nigerian youths.
Eshinloku pledged continued legislative support to ensure effective implementation of the fund and sustained reforms in the sector.
The Financial Adviser to NIMASA on VCFF, Mr Yusuf Buhari, said NIMASA had shortlisted 12 banks to disburse the fund to indegenous cabotage operators, following due process.
Buhari said the CVFF loan would be used within the period of eight years with 6.5 per cent interest rate per annum.
CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003.
In his closing remarks, Executive Director, Maritime Labour and Cabotage Services, Mr Jubril Abba, commended efforts of the minister, NIMASA boss and his co-executive for ensuring actualisation of the CFVV disbursement.
Abba acknowledged the resilient and constructive engagement of the stakeholders for continuous courage of the milestone achievement of the progress of CVFF.
He said that the portal signifies practical realisation for long standing policy objective in fulfilling its intended purpose.
He added that under President Bola Tinubu’s administration commitment were honoured with concrete action.
TheNewsZenith reports that maritime stakeholders, including fish trawlers and the women association in the maritime industry among others, witnessed the unveiling of the CVFF. (TNZ)
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