Nigeria Activates CVFF Portal To Boost Indigenous Shipping
Turning Policy into Practice
THE Federal Government has unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal, signalling a renewed commitment to strengthening indigenous ship ownership and domestic maritime trade. The launch in Lagos marks a turning point for a fund that has existed largely on paper since 2003.
The CVFF was created under the Cabotage Act to provide affordable financing for Nigerian operators, but institutional and structural delays prevented its effective use for more than two decades.
Government’s Strategic Intent
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, said the activation of the portal reflects a deliberate effort to unlock Nigeria’s maritime potential. He noted that despite Nigeria’s strategic coastal location, local participation in shipping has remained limited due to poor access to long-term capital.
According to him, a functional CVFF will reduce dependence on foreign-flagged vessels, improve value retention within the economy and stimulate growth in related sectors such as shipbuilding, repairs and maritime services.
Digital Access and Accountability
The newly launched portal allows eligible shipowners to submit applications through a transparent and standardised process. Dr. Oyetola explained that applications will be reviewed based on established financial and operational criteria, with oversight provided by approved lending institutions.
He emphasised that digitisation will enhance predictability, accountability and efficiency while reducing bureaucratic bottlenecks that previously undermined confidence in the Fund.
NIMASA’s Role
NIMASA Director General, Dr. Dayo Mobereola, said the agency has established a Cabotage Secretariat Unit to oversee implementation, manage risk and ensure strict compliance with global best practices. He added that NIMASA is committed to building trust among operators by ensuring that all disbursements follow clear and measurable rules.
Industry stakeholders believe the portal could finally translate the Cabotage Act’s intent into tangible economic gains for Nigerian shipowners and seafarers.
