Oyetola: FG Determined To Grow National Fleet Through CVFF

Oyetola: FG Determined To Grow National Fleet Through CVFF

By Prince Benson Davies

The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has assured indigenous shipowners of the Federal Government’s sustained support towards building local capacity in the maritime sector, with a firm commitment to the disbursement of the Cabotage Vessel Financing Fund, CVFF.

Dr. Oyetola gave the assurance on Friday at the Third Quarter 2026 Citizens and Stakeholders Engagement of the Federal Ministry of Marine and Blue Economy, held in Victoria Island, Lagos.

He said the administration of President Bola Tinubu remains committed to strengthening indigenous participation in the nation’s shipping industry through effective implementation of the Coastal and Inland Shipping Act, otherwise known as the Cabotage Act.

According to him, the policy thrust is to ensure that Nigerians are fully involved in the ownership and operation of vessels engaged in coastal and inland trade within the country.

The Minister told indigenous shipowners present at the forum that the Federal Government recognizes their critical role in the development of the blue economy and would continue to create an enabling environment for them to thrive.

He said, 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.

On the long-awaited Cabotage Vessel Financing Fund, Dr. Oyetola disclosed that he had directed the Nigerian Maritime Administration and Safety Agency, NIMASA, to collaborate closely with the approved Primary Lending Institutions, PLIs, to fast-track the processing and disbursement of the fund to qualified applicants.

The Minister noted that although progress on the fund has been slow over the years, the current administration is determined to ensure its effective deployment.

Progress may require patience, but our direction remains firm, he stated.

The CVFF, established to provide financial assistance to Nigerian shipowners for vessel acquisition and capacity building, is widely regarded as a key instrument for growing the national fleet and enhancing indigenous participation in maritime trade.

Dr. Oyetola explained that the benefits of the fund go beyond vessel acquisition, as it has the potential to stimulate investments across the maritime value chain, including shipbuilding, ship repair, marine engineering, vessel maintenance and maritime logistics.

He said, The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain.

The Minister stressed that building indigenous capacity is central to the Federal Government’s objective of ensuring that Nigerians derive maximum economic benefits from the nation’s vast maritime resources.

He further highlighted the importance of professional training, development of local expertise, support for indigenous businesses and strategic investments in creating a competitive and resilient 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.

The event also featured a presentation by the Ambassador of the Kingdom of Denmark to Nigeria, Mr. Jens Ole Bach Hansen, on Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria.

The engagement brought together stakeholders from across the maritime sector, including shipowners, investors, regulators and development partners, to deliberate on sustainable growth of Nigeria’s blue economy.

CAPTION
L-R: Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, unveiling the newly gazetted Nigerian Ports Economic Regulatory Agency (NPERA) Act, 2026 and the new agency’s logo at the third quarter stakeholders engagement of the Federal Ministry of Marine and Blue Economy, in Victoria Island, Lagos, on Friday.