Tinubu Approves CVFF Disbursement as NIMASA Targets Shipping Growth, 30,000 Jobs

In a move set to reshape Nigeria’s maritime landscape, the Nigerian Maritime Administration and Safety Agency (NIMASA) has received presidential approval to commence disbursement of the long-awaited Cabotage Vessel Financing Fund (CVFF), a $25 million intervention scheme designed to empower indigenous shipowners.
The approval was granted by President Bola Ahmed Tinubu, according to the Minister of Marine and Blue Economy, Adegboyega Oyetola, who made the disclosure during the commissioning of the NIMASA–UNILAG Institute of Maritime Studies at the University of Lagos.
The development marks a significant policy shift after years of delays that have stalled access to the fund, which was established under the Cabotage Act to support Nigerian shipping operators in acquiring vessels and expanding capacity.
Oyetola explained that the disbursement of the CVFF is expected to catalyse growth in the maritime sector, enhance indigenous participation in coastal trade, and create up to 30,000 jobs across shipping, logistics, and ancillary services.
“The activation of this fund underscores the administration’s commitment to repositioning the maritime sector as a cornerstone of Nigeria’s economic diversification agenda,” the Minister said.
Strong Interest, Lingering Doubts
Since the application portal opened on January 22, 2026, about 60 indigenous shipowners have reportedly applied to access the fund, reflecting pent-up demand within the industry.
However, stakeholders remain cautiously optimistic. Many point to previous unmet promises surrounding the CVFF, particularly under former Minister of Transportation, Mu’azu Jaji Sambo, who had announced a similar approval during the administration of ex-President Muhammadu Buhari—a pledge that ultimately failed to materialise.
Industry operators warn that credibility will depend on actual disbursement rather than policy declarations. A shipowner in Apapa noted that “only transparent and timely release of funds will rebuild confidence in the system.”
Human Capital, Infrastructure Drive
Beyond financing, the Federal Government is intensifying efforts to strengthen maritime education and workforce development. The newly commissioned Institute of Maritime Studies, funded by NIMASA, features modern lecture theatres, research laboratories, and specialised training facilities aimed at producing globally competitive maritime professionals.
Oyetola described the institute as a strategic investment in Nigeria’s blue economy, stressing that sustainable growth in the sector depends on skilled manpower.
“With over 90 percent of Nigeria’s international trade conducted by sea, the maritime sector remains critical to national development,” he said.
Seafarer Development and Blue Economy Potential
The Minister also highlighted ongoing progress under the Nigerian Seafarers Development Programme (NSDP), revealing that 2,459 Nigerians have been trained in maritime institutions across the United Kingdom, Egypt, the Philippines, India, and Romania. Of these, 1,088 have earned their Certificates of Competency, boosting Nigeria’s pool of qualified seafarers.
He further pointed to vast opportunities in fisheries and aquaculture, noting that Nigeria’s annual fish demand—estimated at 3.6 million metric tonnes—offers significant potential for job creation, food security, and export growth.
A Defining Moment for Maritime Reform
Analysts say the successful rollout of the CVFF could mark a defining moment for Nigeria’s maritime industry, long constrained by limited access to financing and dominance by foreign shipping operators.
If implemented effectively, the fund is expected to reduce capital barriers, stimulate fleet expansion, and position Nigerian operators to compete more effectively in regional and global markets.
For now, attention remains fixed on NIMASA and the Federal Government to deliver on the promise—turning approval into tangible impact for the sector.
President Bola Tinubu approves CVFF disbursement as NIMASA targets maritime growth, indigenous shipping expansion, and 30,000 new jobs amid cautious industry optimism.
NIMASA set to disburse $25m CVFF after Tinubu’s approval, aiming to boost Nigeria’s shipping capacity, create jobs, and strengthen the blue economy despite stakeholder concerns.