The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with approved Primary Lending Institutions (PLIs) to fast-track the processing and disbursement of the Cabotage Vessel Financing Fund (CVFF) to eligible indigenous shipowners.
Oyetola reaffirmed the federal government’s commitment to implementing the Cabotage Act and strengthening indigenous shipping capacity, stressing the importance of ensuring that Nigerian shipowners have access to financing to grow their businesses and expand their participation in the maritime sector.
The minister gave the directive as part of efforts to improve the country’s maritime industry and unlock the economic opportunities available in the marine and blue economy.
The CVFF is intended to support the development of indigenous shipping by providing eligible Nigerian shipowners with access to financing for vessel acquisition and other qualifying maritime investments.
Oyetola also unveiled the Nigeria Ports Economy Regulatory Agency (NPERA), a development linked to the government’s broader efforts to strengthen regulation and promote economic activities within the port and maritime sector.
The minister’s engagements further highlighted Nigeria’s interest in deepening international cooperation in the marine and blue economy.
The Danish Ambassador to Nigeria, Jens Hansen, identified opportunities for cooperation between Nigeria and Denmark in developing the blue economy, pointing to the potential for collaboration in areas of shared interest.
The Federal Government has continued to emphasise the importance of the marine and blue economy to economic diversification, job creation and the development of indigenous capacity.
Oyetola’s directive to NIMASA is expected to support efforts to improve access to the CVFF for eligible shipowners, although the processing and disbursement of funds will involve the agency and the approved lending institutions.
