By Seun Ibiyemi
The Federal Government is targeting the creation of more than 30,000 direct and indirect jobs through the disbursement of the Cabotage Vessel Financing Fund (CVFF), as the Nigerian Maritime Administration and Safety Agency (NIMASA) processes applications from Nigerian shipowners.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, disclosed this in a statement issued by his Special Adviser, Dr. Bolaji Akinola, on Sunday.
Oyetola said NIMASA had received 92 funding applications under the CVFF framework, with 20 already submitted to approved Primary Lending Institutions (PLIs) and one application reviewed and forwarded for approval.
He directed NIMASA to work closely with the 12 approved PLIs to accelerate the disbursement of the fund to qualified Nigerian shipowners.
The minister said the initiative was designed to strengthen indigenous shipping capacity, support the acquisition of modern vessels and enable Nigerian operators to compete more effectively for coastal and offshore shipping contracts.
According to him, the fund would also help reduce dependence on foreign vessel operators and retain more value within the Nigerian economy.
The CVFF, which has accumulated over more than two decades without being accessed by Nigerian shipowners, is expected to provide low-interest, long-term financing for the expansion of indigenous fleets.
Oyetola said the Federal Government’s decision to commence disbursement followed President Bola Ahmed Tinubu’s authorisation to address the long-standing financing needs of domestic maritime operators and unlock the economic potential of Nigeria’s blue economy.
The minister’s directive follows the launch of the CVFF Application Portal in Lagos on January 22, 2026, which established a more transparent and structured process for eligible Nigerian shipowners to apply for financing.
In April 2025, Oyetola had directed NIMASA to commence the process for the long-awaited disbursement of the fund.
To further accelerate the process, he announced an expansion of the number of PLIs from five to 12.
Oyetola said the initiative had the potential to generate employment across shipyards, marine engineering firms and maritime logistics companies, while strengthening Nigeria’s domestic ship-owning and shipbuilding ecosystem.
Beyond vessel financing, the minister said the Federal Government was also investing in the development of Nigerian seafarers through training, certification and welfare initiatives.
He disclosed that 222 seafarers had been trained free of charge in basic and advanced professional courses, while 333 cadets had completed their academic training and been awarded degrees.
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Under the Nigerian Seafarers Development Programme (NSDP), he said 135 cadets had successfully completed the programme and obtained their Certificates of Competency (CoC).
Oyetola further disclosed that 7,059 Nigerian seafarers had been placed onboard vessels to acquire seatime experience.
According to him, the interventions reflect the Federal Government’s broader commitment to building a competitive maritime workforce, strengthening indigenous capacity and ensuring that Nigerians benefit directly from the opportunities created by the blue economy.
This will be a great opportunity for we the youth that are jobless for now
Thank you