The Nigerian government has launched the Cabotage Vessel Financing Fund (CVFF) Application Portal, a significant initiative aimed at enhancing structured financing for local ship ownership. Established under the Coastal and Inland Shipping (Cabotage) Act of 2003, the CVFF was intended to support Nigerian shipping companies in acquiring vessels for domestic maritime trade. However, for over twenty years, the fund remained largely inaccessible, forcing indigenous operators to rely on expensive foreign financing.
The unveiling event in Lagos attracted senior government officials, maritime leaders, and key stakeholders. Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, emphasized the launch as a strategic effort to reposition Nigeria’s maritime sector as a vital component of national development. He noted that the CVFF aims to address the financing gap faced by local shipowners and reduce dependence on foreign-flagged vessels, thus promoting economic retention and job creation within the country.
Dr. Oyetola highlighted that the fund is designed to facilitate access to competitive financing, ultimately improving maritime safety and security. He stressed the importance of accountability, reminding beneficiaries that the CVFF is a revolving fund that must be responsibly utilized. The digitization of the application process aims to streamline access and enhance transparency, making it easier for eligible Nigerian shipowners to apply for funding.
Additionally, Dr. Dayo Mobereola, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), reiterated the agency’s commitment to ensuring the CVFF’s effective implementation. NIMASA has established a dedicated unit to manage applications and ensure compliance with established criteria. The launch of the CVFF Application Portal is seen as a crucial step towards building a robust indigenous fleet, retaining maritime value, and positioning Nigeria as a strong player in the global marine economy.
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