23-Year Wait Is Over: FG Launches Portal for Shipowners to Access $25m Vessel Financing

LAGOS — The Federal Government has officially shattered a two-decade-long jinx in the maritime sector, launching the Cabotage Vessel Financing Fund (CVFF) Application Portal to finally allow indigenous shipowners to access funds for vessel acquisition.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, unveiled the digital platform on Thursday, January 22, 2026, in Lagos, declaring that qualified Nigerian operators can now access up to $25 million each to purchase modern vessels.

This historic move activates the core mandate of the Coastal and Inland Shipping (Cabotage) Act of 2003, which established the fund to boost local capacity but left billions of naira lying dormant in government accounts for over 23 years.

“Changing the Narrative”

Speaking at the launch, Oyetola described the event as a “deliberate and strategic” intervention to end foreign dominance in Nigeria’s coastal waters.

“A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative,” the Minister declared.

He explained that the fund is not a “national cake” but a revolving loan scheme designed to empower serious operators. By providing low-interest loans, the government aims to enable Nigerians to own the vessels that transport the nation’s oil and gas, a lucrative market currently controlled by foreign-flagged ships.

How It Works

According to the guidelines released by the Nigerian Maritime Administration and Safety Agency (NIMASA):

• The Cap: Eligible indigenous operators can apply for up to $25 million.
• The Process: Applications must be submitted through the new digital portal to ensure transparency and eliminate “man-know-man” bureaucracy.
• The Banks: Primary Lending Institutions (PLIs)—including major commercial banks—will conduct the credit checks and risk assessment before disbursement.

Ending the “Financing Freeze”

Stakeholders in the maritime industry have greeted the news with cautious optimism. For years, Nigerian shipowners have complained that high interest rates (often above 30%) from local banks made it impossible to compete with foreign firms who access single-digit loans in their home countries.

“This is the lifeline we have been screaming for,” said a member of the Nigerian Shipowners Association (NISA) at the event. “If the disbursement is transparent, we can finally start flying the Nigerian flag on international waters again.”

Strict Accountability

Minister Oyetola warned that the government would tolerate no default. He emphasized that the CVFF is a “revolving fund” that beneficiaries must repay to ensure future generations of mariners can also benefit.

“We have digitized the entire process to ensure that only those who meet the stringent international safety and performance standards get access,” Oyetola added.