The federal government has unveiled a digital portal for the $25 million Cabotage Vessel Financing Fund (CVFF), a move aimed at improving Nigerian access to funding for indigenous ship ownership.
The portal was launched on Thursday in Lagos by Adegboyega Oyetola, minister of marine and blue economy.
In a statement after the event, Bolaji Akinola, the minister’s spokesperson, said the CVFF was created under the Coastal and Inland Shipping Act of 2003 to support Nigerian shipping companies but had remained largely inaccessible for more than two decades.
According to Akinola, the new online application platform is designed to address that challenge by enabling local shipowners to apply for up to $25 million in financing for vessel acquisition.
Speaking at the launch, Oyetola said the initiative was part of broader efforts to reposition Nigeria’s maritime industry as a major contributor to economic growth and diversification.
“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” he said.
“A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative.”
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The minister said his ministry has prioritised strengthening maritime capacity since he assumed office, adding that the CVFF would now be implemented in line with strong governance and financial standards.
He explained that the fund is expected to reduce Nigeria’s dependence on foreign-flagged vessels, promote local participation in shipping, generate employment for Nigerian seafarers, and stimulate growth across shipbuilding and maritime services.
Oyetola added that the digital portal would ensure transparent management of the fund, allowing eligible operators to apply through approved financial institutions, while also promoting accountability, prudent use, and timely repayment to sustain the revolving fund.
He said the platform also supports the federal government’s e-governance agenda by cutting red tape and improving the ease of doing business in the maritime sector.
Dayo Mobereola, director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), said the agency was fully committed to ensuring the success of the CVFF.
Mobereola disclosed that NIMASA has established a cabotage secretariat unit to process applications, liaise with participating banks, and ensure compliance with all operational guidelines.
The CVFF launch comes amid renewed reforms in the sector, following Oyetola’s announcement in 2025 that the federal government would stop issuing waivers under the Coastal and Inland Shipping Act of 2003.
