FG Directs NIMASA to Commence CVFF Disbursement to Ship Owners

Oluchi Chibuzor 

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that the federal government has directed Nigerian Maritime Administration and Safety Agency (NIMASA), to commence disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified indigenous ship owners.

This move, he said, is a major step that would enable indigenous shipowners to acquire new vessels, expand capacity, and move decisively towards the establishment of a National Flag Carrier. 

Adegboyega stated this during a breakfast meeting organised by Nigerian Chamber of Shipping, themed, “Unlocking Opportunities: The Lekki Deep Seaport Playbook For Transforming Trade And Shipping In Nigeria,” in Lagos.

He said the administration is fully aware that infrastructure alone would not secure the nation’s maritime future. 

According to him, “Nigerians must be at the helm of the shipping business itself. A strong national shipping fleet is essential to retaining value, building local capacity, and asserting our presence on global trade lanes. I have, therefore, directed the Nigerian Maritime Administration and Safety Agency (NIMASA), to commence disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified indigenous ship owners.”

On his part, the President, Nigerian Chamber of Shipping, Aminu Umar, said for a maritime nation like Nigeria, shipping and maritime logistics are not just a nucleus of commerce, but central to national prosperity.

He said, “It is therefore fitting that such a vital industry is being steered by a resilient and determined leader like the Minister. We are equally delighted to partner with the Lekki Deep sea Port Seaport in hosting this event.”

For the DG NIMASA, Dr. Dayo Mobereola, represented by Executive Director, Operations, Mr. Fatai Adeyemi, said that they understand that unlocking the opportunity of this huge infrastructure like the Lekki Port collaboration is key.

“We are fully committed to ensuring that Nigeria’s maritime industry thrives, and we believe that infrastructure such as the Lekki Deepsea Port combines our ongoing efforts in ensuring maritime safety, security, and environmental stability will prepare us to overcome the global maritime power outage,” he said.

For the General Secretary, International Chamber of Shipping (ICS), Mr. Thomas Kazakos, Nigeria, as Africa’s largest economy, has the chance to use Lekki port as a true gateway.

For the President of Barge Operators Association of Nigeria (BOAN), Olubunmi Olumekun, said the country “must ensure that what happens in Apapa does not repeat itself in Lekki port. So we must see how we can discharge our goods in and out of the port.”