Nigeria’s Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, says the application portal for the Cabotage Vessel Financing Fund (CVFF) signifies a new beginning to end financing challenges faced by ship owners in the country.
Unveiling of the CVFF Application Portal in Lagos, Oyetola said that the portal would enable indigenous ship owners to access the CVFF fund, thereby boosting their operations.
“Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions.
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive.
“I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” Oyetola said.
He explained that the establishment of the portal marked another historic step in Nigeria’s long-awaited journey to operationalise structured financing for indigenous ship ownership.
The minister commended President Bola Tinubu for making a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.
Declaring the portal open, Oyetola said that it aligned with the broader national objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
He recalled that the portal, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners.
According to the minister, the CVFF is structured as a strategic development instrument by facilitating access to competitive vessel financing for indigenous operators.
“We hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy.
“Access to the fund will create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services,”Oyetola said.
GIK/APA