Nigerian shipowners have renewed calls for stronger financial support, saying improved access to the Cabotage Vessel Financing Fund (CVFF) is critical to strengthening indigenous participation in the maritime sector and reducing the dominance of foreign operators.
The call was made at the formal unveiling of the CVFF digital application portal by the Nigerian Maritime Administration and Safety Agency (NIMASA), an event stakeholders described as a turning point in the long-delayed implementation of the fund. Industry operators said the launch could mark the beginning of meaningful support for local shipping businesses that have struggled for years with limited access to capital.
President of the Shipowners Association of Nigeria (SOAN), Sunny Eja, said the availability of structured and transparent financing would enable Nigerian operators to scale operations and compete more effectively in coastal and inland shipping. He noted that the absence of affordable long-term funding has historically constrained fleet expansion and modernisation among indigenous shipowners.
Eja described the launch of the online portal as evidence of renewed commitment by regulators to ensure accountability in the management of the CVFF. According to him, the move reassures industry players that the fund is being repositioned as an active development instrument rather than an idle pool of resources.
He explained that vessels play a strategic role in trade facilitation, employment generation, and national economic development. With better access to financing, he said Nigerian shipowners would be in a stronger position to acquire modern vessels, improve operational efficiency, create jobs for local seafarers, and increase local content across the maritime value chain.
The SOAN president also applauded the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Director-General of NIMASA, Dr Dayo Mobereola, for driving the process that led to the activation of the portal. He stressed that collaboration among government agencies and industry stakeholders would be essential to achieving the objectives of the fund.
Eja assured regulators of the willingness of shipowners to support the initiative, urging eligible operators to comply strictly with application requirements and conduct themselves with professionalism to ensure the long-term credibility of the programme. He further encouraged continuous engagement and clarity in implementation to sustain confidence in the process.
In a similar vein, President of the Nigeria Shipowners Association (NISA), Sola Adewumi, described the portal launch as a milestone in the Federal Government’s efforts to reposition the maritime industry as a key contributor to economic growth. He praised President Bola Tinubu’s Renewed Hope Agenda, noting that the development aligns with broader efforts to unlock the economic potential of the marine and blue economy.
Adewumi said the CVFF was established to address structural financing gaps that limit indigenous ownership of vessels, adding that the digitalisation of the application process demonstrates a deliberate effort to promote transparency and efficiency. He said the platform offers shipowners renewed optimism for fleet renewal, employment expansion, and greater retention of maritime earnings within the country.
According to him, empowering local operators has a multiplier effect across the industry, benefiting logistics providers, port services, and maritime professionals. He pledged the full cooperation of NISA with the Ministry of Marine and Blue Economy and NIMASA, while urging shipowners to approach the fund with integrity and a long-term national outlook.
The Cabotage Vessel Financing Fund, created under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to enhance indigenous shipping capacity. Stakeholders say the operationalisation of the application portal is a decisive step toward translating that policy intent into tangible outcomes for Nigeria’s maritime industry.
