Minister of Marine and Blue Economy, Adegboyega Oyetola, says the Federal Government has begun disbursement of the Cabotage Vessel Financing Fund (CVFF) to strengthen indigenous shipping capacity.
Oyetola said this on Thursday in Lagos at the 2026 Annual Summit of the Shipping Correspondents Association of Nigeria (SCAN).
He said the theme: “Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory and Financial Bottlenecks” addresses critical challenges affecting competitiveness of Nigerian shipowners.
The minister was represented by Mrs Anastasia Ogbonna, Director, Media of the ministry.
He said that President Bola Tinubu’s administration was committed to strengthening indigenous participation, retaining maritime value within the economy and creating sustainable employment for Nigerians.
He said government recognised difficulty indigenous operators faced in obtaining long-term financing, as vessel acquisition was capital intensive amid high borrowing costs and stringent collateral requirements.
Oyetola said that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin disbursement, launch a transparent application portal in January, 2026 and expand approved primary lending institutions to 12.
He said that the CVFF remained a strategic instrument to enable qualified operators acquire modern vessels, expand fleets and stimulate growth in ship repair, marine engineering and maritime logistics industries.
He urged financial institutions to develop maritime-friendly financing products and shipowners to embrace sound corporate governance, disciplined repayment practices and professional fleet management to sustain confidence.
The minister said government is also exploring a commercially-driven national shipping line via public-private partnership and called for collaboration among government, financiers, regulators and shipowners to build resilient shipping industry.
Mr Nelson Edoye, Apapa Regional Manager, United Bank for Africa Plc (UBA) said the bank was committed to supporting indigenous participation in the maritime value chain through tailored financing and trade facilitation solutions.
Edoye, who represented the Group Managing Director, Mr Oliver Alawuba said the theme was timely and strategic for economic diversification, job creation and national prosperity.
He said UBA understood the capital intensive nature of shipping and would continue to partner regulators and stakeholders to unlock growth for indigenous operators.
Mr Moses Ebosele, SCAN President said Nigeria needs a comprehensive strategy to tackle financial, regulatory and infrastructural constraints limiting indigenous shipowners from competing effectively with foreign operators.
Ebosele said that shipping remained critical to international trade and national economic growth.
He added that a strong indigenous fleet would help Nigeria retain maritime revenue, create jobs, support local shipbuilding and strengthen economic independence.
According to him, challenges such as access to affordable financing, high operational costs, multiple charges, policy inconsistencies and inadequate maritime infrastructure require urgent and coordinated intervention by government, regulators and financial institutions.
