The Federal Government has launched the application process for the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF), enabling eligible Nigerian shipping firms to access up to $25 million each in structured loans for vessel acquisition.
Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin the disbursement. This was announced on Tuesday in Abuja by the Minister’s Media and Communications Adviser, Dr. Bolaji Akinola, according to the News Agency of Nigeria (NAN).
The CVFF, established under the Cabotage Act of 2003, was designed to boost indigenous shipping through long-term financing but had been delayed for over two decades. Oyetola said the activation reflects a strategic push to strengthen Nigeria’s maritime sector.