The Federal Government has launched a digital portal for the $25 million Cabotage Vessel Financing Fund (CVFF), marking a significant move to strengthen Nigeria’s maritime sector and improve access to funding for indigenous shipowners.
The initiative, driven by the Ministry of Marine and Blue Economy, is designed to operationalise the CVFF— a fund established more than two decades ago but previously inaccessible to most local operators. Through the portal, eligible Nigerian shipowners can now apply for financing to acquire vessels, with up to $25 million available per applicant.
Officials say the platform will reduce dependence on foreign-flagged vessels, increase local participation in coastal and inland shipping, and stimulate economic activity across the maritime value chain.
Beyond vessel acquisition, the government said the portal supports job creation for Nigerian seafarers, domestic shipbuilding, and the growth of related maritime services. The digital application process is intended to improve transparency, reduce bureaucracy, and ensure responsible disbursement and repayment of funds.
The Nigerian Maritime Administration and Safety Agency (NIMASA) will coordinate applications and work with approved financial institutions through a dedicated cabotage secretariat to monitor compliance and fund utilisation.
Industry stakeholders have welcomed the development, describing it as a long-awaited intervention that could reposition Nigeria’s maritime industry for growth, competitiveness, and broader economic diversification.
