No fewer than 60 indigenous shipping firms have now applied to access the Cabotage Vessel Financing Fund (CVFF), signalling renewed interest in Nigeria’s maritime financing scheme.
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, confirmed the development, noting that the applications were received following the opening of the CVFF portal earlier in the year.
Daily Trust had earlier reported that over 100 indigenous shipowners are jostling for the $700 million CVFF fund.
The firms were said to have made their intentions known soon after the application portal came alive.
This is coming just as the Management of NIMASA reaffirmed its commitment to accountability, improved performance, and sustained growth in the maritime sector with the signing of its 2026 Sectoral Performance Bond.
Speaking in Lagos recently, Mobereola, said the surge in applications reflects growing confidence among local shipowners in the long-awaited disbursement of the fund.
He explained that the CVFF is designed to empower indigenous operators, enhance local fleet ownership, and reduce the dominance of foreign vessels in Nigeria’s coastal shipping trade.
Mobereola assured that the agency is committed to a transparent and credible disbursement process, stressing that only qualified applicants who meet the stipulated criteria would benefit from the fund.
“The evaluation process will be thorough, with strict adherence to established guidelines to ensure accountability and sustainability” he said.
Meanwhile, industry stakeholders have welcomed the development, describing it as a positive step towards revitalising Nigeria’s maritime sector.
They expressed optimism that the eventual disbursement of the fund would boost capacity, create employment opportunities, and strengthen the country’s position in regional and global shipping.
The CVFF, established under the Cabotage Act, has for years remained undisbursed despite repeated calls by stakeholders for its release. Its anticipated rollout is widely seen as a major milestone in the quest to develop indigenous shipping capacity in Nigeria.
Meanwhile, the Management of NIMASA reaffirmed its commitment to accountability, improved performance, and sustained growth in the maritime sector with the signing of its 2026 Sectoral Performance Bond.
The Director-General of NIMASA described the Performance Bond as a key governance instrument for tracking deliverables, strengthening institutional accountability, and aligning the Agency’s operations with national priorities.
He stated that NIMASA’s ongoing reforms are driven by purposeful leadership and strategic ministerial support, adding that the Agency remains committed to delivering on its mandate in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
On maritime security, Mobereola disclosed that Nigeria has recorded zero piracy incidents in its territorial waters over the past four years, attributing the milestone to enhanced surveillance systems and improved inter-agency collaboration.
He further revealed that the Agency is at an advanced stage of automating its ship registry processes, a move expected to improve efficiency, reduce delays, and boost Nigeria’s competitiveness in global maritime business.
Daily Trust recalled that the federal government in January announced the opening of the application portal for the disbursement of the Cabotage Vessel Financing Fund (CVFF), a $700 million fund aimed at supporting indigenous shipowners and operators in the country’s maritime sector.
With this it has kick-started the process of the disbursement of the CVFF, which is expected to save Nigeria billions of dollars in capital flight, which has been a major challenge facing the country’s economy.
By providing financing for Nigerian-owned vessels, the government hopes to reduce the country’s reliance on foreign vessels and retain more of its oil and gas revenues.