The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed NIMASA to begin the disbursement process for the Cabotage Vessel Financing Fund (CVFF). <\/p>\n\n\n\n

Oyetola issued the directive in a statement on Tuesday by Dr Bolaji Akinola, Media and Communications Adviser to the Minister. <\/p>\n\n\n\n

The minister said the CVFF disbursement would yield significant benefits, including building a stronger, self-reliant shipping fleet and generating employment opportunities. <\/p>\n\n\n\n

He noted that releasing the CVFF would also boost local shipbuilding and repair, while reducing capital flight linked to hiring foreign vessels. <\/p>\n\n\n\n

Oyetola described the directive as a shift from over two decades of administrative delay, marking a new phase in Nigeria\u2019s maritime repositioning. <\/p>\n\n\n\n

The CVFF was created under the 2003 Cabotage Act to support Nigerian shipping firms through structured vessel financing. <\/p>\n\n\n\n

According to the minister, past administrations failed to implement the fund until now.<\/p>\n\n\n\n

\u201cUnder President Bola Tinubu\u2019s leadership and my stewardship, the Federal Government is taking a decisive course correction,\u201d he said. <\/p>\n\n\n\n

Oyetola stated that the CVFF\u2019s release reflects a deep commitment to empowering local maritime operators and promoting economic sustainability. <\/p>\n\n\n\n

\u201cThis is about more than funding,\u201d Oyetola added. \u201cFor over 20 years, the CVFF was dormant. Today, we are activating it\u2014deliberately and transparently,\u201d he said.<\/p>\n\n\n\n

NIMASA has issued a Marine Notice inviting eligible Nigerian shipping firms to apply for up to $25 million each at competitive interest rates.<\/p>\n\n\n\n

The fund will be disbursed in partnership with approved Primary Lending Institutions (PLIs) to ensure efficiency and professionalism.<\/p>\n\n\n\n

\u201cWe are investing in a future where Nigerian shipping firms can compete globally,\u201d Oyetola said. <\/p>\n\n\n\n

He described the move as a turning point, affirming support for local content, maritime sovereignty, and economic strength. <\/p>\n\n\n\n

Industry stakeholders have hailed the decision as a \u201cwatershed moment\u201d in Nigeria\u2019s maritime development. <\/p>\n\n\n\n

Experts believe that with proper implementation, the CVFF can enhance logistics, spur growth, and elevate global competitiveness. <\/p>\n\n\n\n

\u201cThis should have happened years ago. A strong fleet is not just pride\u2014it is strategic for our economy and jobs,\u201d Oyetola said. <\/p>\n\n\n\n

He added that this action by the Tinubu administration marks a historic milestone for Nigeria\u2019s maritime sector.<\/p>\n\n\n\n

Oyetola reaffirmed Nigeria\u2019s readiness to lead on the global maritime stage through indigenous strength and political resolve. <\/p>\n\n\n\n

NAN<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed NIMASA to begin the disbursement process for the Cabotage Vessel Financing Fund (CVFF).  Oyetola issued the directive in a statement on Tuesday by Dr Bolaji Akinola, Media and Communications Adviser to the Minister.  The minister said the CVFF disbursement would yield significant benefits, including …<\/p>\n","protected":false},"author":2,"featured_media":3388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[223],"tags":[1916,1918,1917,1915],"class_list":["post-3387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adegboyega-oyetola","tag-cabotage-vessel-financing-fund-cvff","tag-minister-of-marine-and-blue-economy","tag-nigerian-maritime-administration-and-safety-agency-nimasa"],"_links":{"self":[{"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/posts\/3387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/comments?post=3387"}],"version-history":[{"count":1,"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/posts\/3387\/revisions"}],"predecessor-version":[{"id":3389,"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/posts\/3387\/revisions\/3389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/media\/3388"}],"wp:attachment":[{"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/media?parent=3387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/categories?post=3387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/treasurenaija.com\/wp-json\/wp\/v2\/tags?post=3387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}