Oyetola Pledges CVFF Funds To Shipowners

Dr Adegboyega Oyetola, the Minister of Marine and Blue Economy, has reaffirmed the Federal Government’s commitment to strengthening indigenous shipping through disbursement of the Cabotage Vessel Financing Fund (CVFF).

Oyetola gave the assurance on Friday at the ministry’s third-quarter 2026 Citizens and Stakeholders Engagement in Lagos.

He said that the government was committed to implementing the Coastal and Inland Shipping (Cabotage) Act to increase Nigerian participation in domestic shipping operations.

The minister disclosed that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the fund to eligible beneficiaries.

“Progress may require patience, but our direction remains firm,” he said.

Oyetola described the CVFF as a critical financing instrument for expanding indigenous ship ownership, strengthening the national fleet and improving Nigeria’s competitiveness in the maritime industry.

He said that effective deployment of the fund would stimulate investment in shipbuilding, marine engineering, vessel maintenance and maritime logistics.

According to him, developing local capacity remains central to the government’s efforts to ensure that Nigerians benefit more from the country’s maritime resources.

He also stressed the importance of professional training, local expertise and strategic investment in building a competitive domestic shipping industry.

“Our ultimate objective is to build an industry in which Nigerians possess opportunities, capabilities and resources to own, operate and lead,” he said.

The minister also unveiled the Nigeria Ports Economy Regulatory Agency (NPERA), which he said would strengthen economic regulation, promote transparency and improve efficiency in port operations.

He said the agency would establish a clear regulatory framework, boost investor confidence and promote competitive pricing for sustainable growth of the ports economy.

In his remarks, Denmark’s Ambassador to Nigeria, Jens Hansen, highlighted opportunities for cooperation between both countries in developing a sustainable blue economy.

Hansen said Nigeria and Denmark had complementary strengths and shared interests in using the blue economy to drive sustainable economic growth.

He described Denmark as a maritime nation with about 2,000 years of seafaring history and expertise in shipping, maritime technology, offshore energy and environmental management.

The envoy said Nigeria’s strategic position in West African trade, large domestic market and potential in ports, inland waterways, fisheries and entrepreneurship offered opportunities for further development.

He identified regulatory frameworks, cooperation between maritime authorities, education and capacity building, investment, fisheries and green shipping as key areas for partnership.

Hansen said that both countries were working to develop practical initiatives following engagements in September, adding that the success of the partnership should be measured by job creation, stronger Nigerian businesses, improved maritime performance and sustainable economic benefits.

The engagement was attended by maritime stakeholders, government officials, shipowners and industry operators.