FG Moves to Unlock $25m CVFF Financing for Nigerian Shipowners
Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this in a statement on X on Monday, saying each successful applicant could access up to $25m in financing to acquire vessels, subject to the applicable assessment and approval process.
According to the minister, affordable, long-term financing has remained one of the major obstacles limiting the growth of Nigerian-owned shipping companies. He said access to the CVFF at very low interest rates would enable shipowners to acquire modern vessels, expand their fleets and compete for coastal and offshore contracts currently dominated by foreign operators.
Oyetola said he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with the 12 approved Primary Lending Institutions to accelerate the disbursement of the fund to qualified applicants.
He disclosed that NIMASA had so far received 92 applications, with 20 forwarded to the approved banks for processing, while one application had been reviewed and forwarded for approval.
To improve access to the fund, the government increased the number of approved banks from five to 12 and launched the CVFF Application Portal to make the process more transparent and accessible.
The minister said disbursement of the fund could help develop a stronger indigenous fleet and stimulate activities across shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries.
He added that the initiative could create more than 30,000 direct and indirect jobs while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
Oyetola said the CVFF initiative formed part of the Tinubu administration’s efforts to unlock Nigeria’s Blue Economy, strengthen indigenous capacity and ensure Nigerians take a greater share of the opportunities generated in the maritime sector.
Beyond vessel financing, the minister said the government was also investing in the development of manpower needed to power the industry.
He said 222 seafarers had received free professional training, while 333 cadets had completed their academic training and obtained degrees. He added that 135 cadets under the Nigerian Seafarers Development Programme had obtained Certificates of Competency.
According to him, 7,059 Nigerian seafarers had also been placed onboard vessels to gain sea-time experience.
Oyetola said the government remained committed to ensuring that Nigerians own, operate and benefit from economic activities taking place in the country’s maritime space.
