The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified indigenous shipowners, in a bid to strengthen Nigeria’s maritime capacity.
Minister of Marine and Blue Economy, Adegboyega Oyetola, made this known during a breakfast meeting organised by the Nigerian Chamber of Shipping in Lagos, themed “Unlocking Opportunities: The Lekki Deep Seaport Playbook For Transforming Trade And Shipping In Nigeria.”
According to Oyetola, the initiative is a significant step towards enabling indigenous operators to acquire new vessels, expand their capacity, and advance the creation of a National Flag Carrier.
He stressed that infrastructure alone cannot guarantee the future of Nigeria’s maritime sector. “Nigerians must be at the helm of the shipping business itself. A strong national shipping fleet is essential to retaining value, building local capacity, and asserting our presence on global trade lanes,” Oyetola said.
The move aligns with the government’s broader goal of enhancing blue economy opportunities, strengthening trade logistics, and positioning Nigeria as a key player in international shipping.
