FG opens entry to $25 million vessel loans for Nigerian delivery companies below CVFF Scheme
The Federal Authorities has launched the applying course of for the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF), enabling eligible Nigerian delivery companies to entry as much as $25 million every in structured loans for vessel acquisition.
Minister of Marine and Blue Economic system, Mr. Adegboyega Oyetola, directed the Nigerian Maritime Administration and Security Company (NIMASA) to start the disbursement. This was introduced on Tuesday in Abuja by the Minister’s Media and Communications Adviser, Dr. Bolaji Akinola, in line with the Information Company of Nigeria (NAN).
The CVFF, established below the Cabotage Act of 2003, was designed to spice up indigenous delivery by long-term financing however had been delayed for over twenty years. Oyetola stated the activation displays a strategic push to strengthen Nigeria’s maritime sector.
Following the directive, NIMASA has issued a Marine Discover inviting certified delivery corporations to use. Every permitted agency can entry as much as $25 million at aggressive charges, with disbursement managed by chosen Main Lending Establishments (PLIs).
“Mr Adegboyega Oyetola, Minister of Marine and Blue Economic system, has directed the Nigerian Maritime Administration and Security Company (NIMASA) to start the method for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
“Oyetola stated that the directive marked a major shift from over twenty years of administrative stagnation and ushered in a brand new period of strategic repositioning of Nigeria’s indigenous delivery,” the NAN report learn partly.
It added, “Oyetola stated that NIMASA, in alignment with the ministry’s directive, had already issued a Marine Discover inviting eligible Nigerian delivery corporations to use.
“Based on him, certified candidates can entry as much as $25 million every at aggressive rates of interest to amass vessels that meet worldwide security and efficiency requirements.”
Minister Oyetola highlighted the long-awaited rollout of the CVFF, emphasizing that, after over 20 years of dormancy, the fund is now being activated with a deliberate, clear, and strategic method.
He famous that below the Tinubu administration, decisive actions have been taken to reposition the maritime sector, with the activation of the CVFF serving as a key intervention. Oyetola described the initiative as a vital milestone, signaling the federal government’s robust dedication to enhancing native content material and reinforcing Nigeria’s maritime sovereignty.
Extra insights
Oyetola highlighted that the fund is anticipated to ship wide-ranging advantages, together with the growth of Nigeria’s indigenous delivery fleet and the creation of jobs.
- Moreover, it is going to revitalize native shipbuilding and restore industries whereas considerably decreasing the reliance on pricey overseas vessel chartering.
“This isn’t nearly financing vessels—it’s about investing in the way forward for our maritime trade,” the minister stated.
“With correct execution, the CVFF will set the trade on a path to long-term progress, enhanced logistics effectivity, and stronger world competitiveness.”
- He added that the initiative is anchored on clear coverage course, skilled fund administration, and sustained political will—all aimed toward positioning Nigeria as a key participant within the world maritime area.
