Oyetola Pledges Sustained Support for Indigenous Shipowners, Moves to Accelerate CVFF Disbursement
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reaffirmed the Federal Government’s commitment to developing indigenous shipping capacity, assuring Nigerian shipowners of continued support and pledging to advance disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified applicants.
Oyetola gave the assurance in Lagos at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy.
He said the administration remained committed to the effective implementation of the Coastal and Inland Shipping (Cabotage) Act, aimed at ensuring that Nigerians participate fully in the ownership and operation of vessels engaged in domestic maritime trade.
“To our indigenous shipowners, I wish to reaffirm this administration’s commitment to the development of indigenous shipping capacity and the effective implementation of the Coastal and Inland Shipping (Cabotage) Act,” he said.
In response to longstanding concerns over access to financing, Oyetola said he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with approved Primary Lending Institutions to accelerate the processing and disbursement of the CVFF to eligible beneficiaries.
“Progress may require patience, but our direction remains firm,” the minister said, underscoring the administration’s determination to advance implementation of the fund.
He described the CVFF as a critical financing instrument for supporting Nigerian shipowners and expanding indigenous participation in the maritime industry. Its effective deployment, he said, is expected to strengthen the national fleet and improve local capacity to compete in the domestic shipping market.
“The benefits of the fund extend beyond vessel acquisition to other segments of the maritime value chain, including shipbuilding, marine engineering, vessel maintenance and maritime logistics,” Oyetola said.
He stressed that developing indigenous shipping capacity remained central to the government’s broader objective of ensuring that Nigerians derive greater economic benefits from the country’s maritime resources.
“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” he said.
The minister also emphasised the importance of professional training, local expertise development, support for indigenous businesses and strategic investment in building a competitive domestic maritime industry.
“Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” he added.
Earlier, the Ambassador of the Embassy of the Kingdom of Denmark in Nigeria, Jens Hansen, delivered a presentation on Denmark’s experience in building a sustainable blue economy, highlighting lessons for strategic partnerships, investment and technology transfer with Nigeria.