NIMASA will begin disbursement of the CVFF after presidential approval

The Nigerian Maritime Administration and Safety Agency (NIMASA) will begin disbursement of the Cabotage Vessel Financing Fund (CVFF) following the approval of President Bola Tinubu.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the development during the commissioning of the NIMASA-UNILAG Institute of Maritime Studies at the University of Lagos.

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Oyetola said the long-delayed intervention fund will soon be disbursed to qualified indigenous shipowners, stressing that the move is expected to strengthen local shipping capacity and generate up to 30,000 jobs.

NIMASA had previously opened applications for the $25 million fund on January 22, 2026, with around 60 applicants expressing interest.

Despite the renewed assurances, some industry stakeholders remain cautious, citing unfulfilled past promises. They recalled that a former Transport Minister, Mu’azu Jaji Sambo, had similarly announced presidential approval for the fund under former President Muhammadu Buhari, but no disbursement followed.

Meanwhile, Oyetola reiterated the Federal Government’s commitment to developing Nigeria’s marine and blue economy through investments in infrastructure and human capacity.

He described the new maritime institute as an important step towards creating the skilled workforce needed to spur growth in the sector. The facility, funded by NIMASA, features modern classrooms, laboratories and research facilities to support maritime education and innovation.

The minister highlighted the importance of the maritime sector, noting that over 90% of Nigeria’s trade takes place through sea routes, making it vital for economic diversification and job creation.

He also highlighted ongoing capacity development efforts, revealing that 2,459 Nigerians have been trained under the Nigerian Seafarers Development Program (NSDP) in countries including the UK, Egypt, Philippines, India and Romania, with 1,088 already holding certificates of competence.

Oyetola also highlighted opportunities in the fisheries and aquaculture sector, noting that Nigeria’s annual fish demand of 3.6 million tonnes presents strong prospects for food security and employment.

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