By Emmanuella Opara | October 16th 2026
KEY POINTS
- The Federal Government has directed NIMASA to accelerate the disbursement of the Cabotage Vessel Financing Fund to eligible Nigerian shipowners.
- Oyetola said the fund would support indigenous ship ownership, strengthen the national fleet and encourage investment in maritime-related businesses.
- The minister unveiled the Nigeria Ports Economy Regulatory Agency logo to improve port regulation, transparency and operational efficiency.
- Denmark’s Ambassador to Nigeria, Jens Hansen, identified opportunities for bilateral cooperation in shipping, fisheries, green shipping and maritime training.
MAIN STORY
The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to eligible Nigerian shipowners as part of efforts to strengthen indigenous shipping.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, gave the directive on Friday at the ministry’s third-quarter 2026 Citizens and Stakeholders Engagement in Lagos.
Oyetola said the government remained committed to implementing the Coastal and Inland Shipping (Cabotage) Act to increase Nigerian participation in domestic shipping operations.
He disclosed that he had directed NIMASA to work with approved Primary Lending Institutions (PLIs) to speed up the processing and disbursement of the fund to qualified beneficiaries.
“Progress may require patience, but our direction remains firm,” he said.
The minister described the CVFF as a critical financing instrument for expanding indigenous ship ownership, strengthening the national fleet and improving Nigeria’s competitiveness in the maritime industry.
He said effective deployment of the fund would encourage investment in shipbuilding, marine engineering, vessel maintenance and maritime logistics.
Oyetola added that developing local capacity remained central to the government’s efforts to ensure Nigerians benefited more from the country’s maritime resources.
He also emphasised professional training, local expertise and strategic investment as essential to building a competitive domestic shipping industry.
“Our ultimate objective is to build an industry in which Nigerians possess opportunities, capabilities and resources to own, operate and lead,” he said.
The minister also unveiled the logo of the Nigeria Ports Economy Regulatory Agency (NPERA), which he said would strengthen economic regulation, promote transparency and improve efficiency in port operations.
According to him, the agency would establish a clear regulatory framework, boost investor confidence and promote competitive pricing to support sustainable growth in the ports economy.
Meanwhile, Denmark’s Ambassador to Nigeria, Jens Hansen, highlighted opportunities for cooperation between both countries in developing a sustainable blue economy.
Hansen said Nigeria and Denmark had complementary strengths and shared interests in using the blue economy to drive sustainable economic growth.
He described Denmark as a maritime nation with about 2,000 years of seafaring history and expertise in shipping, maritime technology, offshore energy and environmental management.
The ambassador said Nigeria’s strategic position in West African trade, large domestic market and potential in ports, inland waterways, fisheries and entrepreneurship offered opportunities for further development.
He identified regulatory frameworks, cooperation between maritime authorities, education and capacity building, investment, fisheries and green shipping as key areas for partnership.
Hansen said both countries were working to develop practical initiatives following engagements in September. He added that the partnership should be measured by its contribution to job creation, stronger Nigerian businesses, improved maritime performance and sustainable economic benefits.
THE ISSUES
The CVFF is intended to support indigenous shipowners and increase Nigerian participation in domestic shipping. Faster disbursement could help eligible operators obtain financing for vessel acquisition and other maritime investments.
However, the minister did not specify when the funds would be disbursed, the amount to be released or the number of shipowners expected to benefit.
The unveiling of NPERA also signals the government’s intention to strengthen economic regulation in the ports sector, with transparency, efficiency and competitive pricing identified as priorities.
WHAT’S BEING SAID
“Progress may require patience, but our direction remains firm,” Adegboyega Oyetola, Minister of Marine and Blue Economy, said.
“Our ultimate objective is to build an industry in which Nigerians possess opportunities, capabilities and resources to own, operate and lead,” Oyetola said.
WHAT’S NEXT
NIMASA is expected to work with approved Primary Lending Institutions to accelerate the processing and disbursement of the CVFF to eligible shipowners. No specific disbursement date was announced.
The implementation of NPERA and proposed maritime cooperation between Nigeria and Denmark are also part of the broader efforts to develop the country’s maritime industry.
BOTTOM LINE
The Federal Government is seeking to strengthen indigenous shipping by accelerating access to the CVFF while pursuing regulatory reforms and international cooperation to improve Nigeria’s maritime industry.
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