The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to collaborate immediately with 12 approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners.
​The directive, issued on Sunday, September 6, 2026, by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, aims to resolve over two decades of administrative stagnation and empower indigenous operators to compete globally.
​Speaking via an official statement released in Abuja by his Special Adviser on Media, Dr. Bolaji Akinola, the Minister revealed that President Bola Ahmed Tinubu authorized the disbursement to overcome long-standing capital limitations in the domestic maritime industry.
​”The move to operationalize the CVFF marks a major milestone in the Federal Government’s effort to strengthen indigenous participation in coastal and offshore shipping,” Oyetola stated, noting that the initiative is projected to generate over 30,000 direct and indirect jobs across marine engineering, shipyard, and logistics sectors.
Out of 92 funding applications submitted by local shipowners via the CVFF portal launched in Lagos on January 22, 2026, 20 applications have passed initial screening and were forwarded to the PLIs for credit evaluation. One application has already completed bank review and been sent back to NIMASA for final approval.
Qualified applicants can access up to $25 million per project. Under the structure, shipowners contribute 15% equity, NIMASA provides 50%, and the PLIs cover the remaining 35% while assuming credit risk at subsidized, single-digit interest rates.
Facilities feature a two-year moratorium alongside an eight-year loan repayment tenure. NIMASA expanded the number of participating PLIs from 5 to 12 banks to streamline access, minimize administrative bottlenecks, and enforce competitive single-digit rates.
​Director General of NIMASA, Dr. Dayo Mobereola, previously highlighted at a stakeholders’ forum in Lagos that the agency is actively engaging cargo generators—including the Nigerian National Petroleum Company (NNPC) Limited and Nigeria LNG (NLNG) to ensure beneficiaries secure cargo contracts upon acquiring vessels.
​Under statutory guidelines, once a PLI completes credit appraisals and NIMASA endorses an application, it is sent to the Ministry of Marine and Blue Economy for final approval. If no decision is taken within 30 days at the ministry level, NIMASA retains veto power to approve the release of funds.
