NIMASA gets approval to disburse CVFF

The Nigerian Maritime Administration and Safety Agency (NIMASA) is set to commence disbursement of the long-awaited Cabotage Vessel Financing Fund (CVFF) following presidential approval.

Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Thursday, during the commissioning of the NIMASA–UNILAG Institute of Maritime Studies building at the University of Lagos.

According to the minister, President Bola Tinubu has approved the commencement of the fund’s disbursement.

It will be recalled that NIMASA opened the application portal for the intervention fund on January 22, 2026, inviting eligible indigenous shipowners to apply for the $25 million CVFF.

About 60 applicants were said to have indicated interest through the application portal.

However, Oyetola, at the institute launch, enthused that the funds, when disbursed are expected to boost indigenous shipping capacity and create up to 30,000 jobs.

However, stakeholders were cautious in this optimism over the Minister’s pronouncement of the presidential approval.

They said the same approval was allegedly secured by the erstwhile Minister of Transportation, Mu’azu Jaji Sambo, who claimed that the then President Mohammed Buhari has given his approval for the disbursement and swore with his honour that the CVFF would be disbursed before he left office.

“Until he left, the disbursement was carried out in the fertile imagination of Minister Mu’azu. We hope Oyetola’s assurance of disbursement would not go through the same route” a ship owner based in Apapa declared.

Meanwhile, the Minister, while commissioning the institute, reaffirmed the Federal Government’s commitment to advancing Nigeria’s marine and blue economy through sustained investment in human capital and infrastructure.

The facility, donated by the Nigerian Maritime Administration and Safety Agency (NIMASA), is equipped with modern lecture rooms, laboratories, and specialised facilities to support teaching, research, and innovation in the maritime sector.

Describing the project as a milestone, Oyetola said the initiative reflects the government’s resolve to strengthen institutional capacity and position the blue economy as a key driver of national prosperity.

“The future of the blue economy will be shaped not just by natural endowments, but by the quality of minds we nurture within institutions such as this,” the Minister said.

He emphasised that with over 90 per cent of Nigeria’s trade conducted via maritime channels, the sector remains critical to economic diversification, job creation, and sustainable development.

Highlighting ongoing efforts to build manpower, Oyetola disclosed that 2,459 Nigerians have been sponsored under the Nigerian Seafarers Development Programme (NSDP) for training in maritime institutions across countries including the United Kingdom, Egypt, the Philippines, India, and Romania

He added that 1,088 beneficiaries have obtained their Certificates of Competency.

The Minister also pointed to opportunities in fisheries and aquaculture, noting that Nigeria’s annual fish demand of 3.6 million metric tonnes presents significant potential for food security and employment.