CVFF DISBURSEMENT: GOVERNMENT COMMITS TO INDIGENOUS SHIP OWNERSHIP

Minister Oyetola left in agbada attire unveiling the NPERA logo at the event.

Story by Dili Utomi

The Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy, held on Friday, 16th of October in Victoria Island, Lagos. It was an occasion that presented the opportunity for the Minister for Marine and Blue Economy, Chief Adegboyega Oyetola to speak on the federal government’s intention with regard to the disbursement of the Cabotage Vehicle Financing Fund (CVFF).

The CVFF is widely regarded as a critical financing instrument for supporting Nigerian shipowners and expanding indigenous participation in the maritime industry. Its effective deployment is expected to strengthen the national fleet and improve local capacity to compete in the domestic shipping market.

Minister Oyetola while making his presentation reaffirmed the Federal Government’s commitment to strengthening indigenous shipping capacity, assuring Nigerian shipowners of sustained support and promising his commitment to the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified applicants.

He said that the administration remained committed to the effective implementation of the Coastal and Inland Shipping (Cabotage) Act to ensure 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.

As part of efforts to address longstanding concerns over access to financing, Oyetola disclosed that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the CVFF to eligible beneficiaries.

“Progress may require patience, but our direction remains firm,” the minister stated, underscoring the administration’s determination to advance the fund’s implementation.

The minister also used the opportunity to highlight the importance of professional training, local expertise development, support for indigenous businesses and strategic investment in building a competitive domestic maritime industry. He noted that “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”.

The Minister of Marine and Blue Economy, Chief Adegboyega Oyetola in a group photograph with the NPERA staff.

The Ambassador, Embassy of the Kingdom of Denmark in Nigeria, Jens Ole Bach Hansen, made a presentation on Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria” at the event.

The presentation which was made by Ms. Jette Bjerrum, Consul General, Danish Consulate General, Lagos highlighted the Danish experience of over 2000 years in seafaring. Bjerrum noted that the Maritime sector supports everything that Denmark does in transportation, aquaculture, industrialisation and in many other critical areas.

She noted that the Maritime sector development requires the cooperation of different government agencies, investors and all stakeholders. She effectively declared that all hands must be on deck for any country to realise its Maritime potentials. Bjerrum realed out many areas of cooperation that should be tapped into by Denmark and Nigeria for the continous sustainable development within the Maritime space.

The government agency in charge of the CVFF is the Nigerian Maritime Administration and Safety Agency (NIMASA), it is headed by the Director-General, Dr. Dayo Mobereola. He answered most of the questions during the interactive session.

On the question regarding whether the CVFF covers purchase of vessels for inland waterways, Dr. Mobereola answered to the affirmative noting that the CVFF covers all areas of vessel financing including for such vessels as used in inland waterways.

The launching of the NPERA. Ms. Jette Bjerrum Consul General Danish Consulate General, Lagos is 3rd from left in green and red attire. Minister Oyetola is 10th from left while NPERA DG, Dr. Pius Ukeyima Akutah is 11th to the left of Oyetola in the picture.

Dr. Mobereola also answered that “Efforts are still ongoing to remove ships headed to Nigeria from the war risk insurance, we are positive that this will be achieved”.

He also informed the gathering that bilateral memorandum of understanding has been signed with Ghana, Angola and Uganda for Nigerian cadets to serve in their countries and that such MOU will soon be signed with China and some European Union countries.

He also spoke about the security in the Gulf of Guinea noting that there is still ongoing partnership with the security agencies of other nations in order to continue to secure the waters of the area and the sustai6 development of the Maritime areas for the different countries of the region.

The occasion was also used by the Minister for Marine and Blue Economy, Chief Adegboyega Oyetola to officially launch the transformation of the Nigerian Shippers’ Council into the Nigerian Ports Environment Regulatory Agency (NPERA).

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