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FG to Give Nigerian Shipowners Up to $25m Each Under New Shipping Fund
The Federal Government is set to begin disbursing the long-delayed Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners, with succes...
By Wavers Multimedia
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the development on Monday, saying the government was moving to unlock the fund more than 20 years after it was established.
The minister said the initiative is aimed at strengthening Nigerian participation in the maritime industry, increasing the number of Nigerian-owned vessels operating on the country's waters and reducing foreign dominance in the sector.
According to Oyetola, each successful applicant will be able to access up to $25 million in financing for vessel acquisition, subject to the required assessment and approval process.
He said unlocking the fund would help Nigerian shipowners overcome one of the major challenges facing indigenous operators, while ensuring that more of the economic value generated from activities in Nigeria's maritime space remains within the country.
The government also expects the initiative to create more than 30,000 direct and indirect jobs as investment in indigenous shipping expands.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has received 92 applications from interested operators under the financing programme.
Of those applications, 20 have been forwarded to approved Primary Lending Institutions for further processing, while the number of participating banks has increased from five to 12.
The CVFF application portal was launched in January 2026 as part of efforts to make access to the financing programme more transparent and structured.
The fund was established to provide financial support to Nigerian operators involved in coastal and inland shipping, but its disbursement had remained stalled for more than two decades.
The Federal Government's latest move is therefore expected to give qualified indigenous shipowners greater access to capital for acquiring vessels and expanding their operations.
Oyetola said the broader objective is to increase Nigerian ownership of vessels operating on Nigerian waters, expand local participation in the maritime economy and ensure that Nigerians benefit more directly from the country's maritime resources.