The Nigerian Maritime Administration and Safety Agency (NIMASA) is set to commence disbursement of the Cabotage Vessel Financing Fund (CVFF) following approval from President Bola Tinubu.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the development during the commissioning of the NIMASA–UNILAG Institute of Maritime Studies at the University of Lagos.
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Oyetola said the long-delayed intervention fund would soon be disbursed to qualified indigenous shipowners, noting that the move is expected to strengthen local shipping capacity and generate up to 30,000 jobs.
NIMASA had earlier opened applications for the $25 million fund on January 22, 2026, with about 60 applicants expressing interest.
Despite the renewed assurances, some industry stakeholders remain cautious, citing past unfulfilled promises. They recalled that a former Minister of Transportation, Mu’azu Jaji Sambo, had similarly announced presidential approval for the fund under ex-President Muhammadu Buhari, but no disbursement followed.
Meanwhile, Oyetola reiterated the Federal Government’s commitment to developing Nigeria’s marine and blue economy through investments in infrastructure and human capacity.
He described the newly commissioned maritime institute as a major step toward building the skilled workforce needed to drive growth in the sector. The facility, funded by NIMASA, features modern classrooms, laboratories, and research facilities to support maritime education and innovation.
The minister emphasised the importance of the maritime sector, noting that over 90 per cent of Nigeria’s trade is conducted via sea routes, making it vital for economic diversification and job creation.
He also highlighted ongoing capacity-building efforts, revealing that 2,459 Nigerians have been trained under the Nigerian Seafarers Development Programme (NSDP) across countries such as the United Kingdom, Egypt, the Philippines, India, and Romania, with 1,088 already earning Certificates of Competency.
Oyetola further pointed to opportunities in fisheries and aquaculture, noting that Nigeria’s annual fish demand of 3.6 million metric tonnes presents strong prospects for food security and employment.
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