The Federal Government has reaffirmed its commitment to developing Nigeria’s indigenous shipping industry, with the Minister of Marine and Blue Economy, Adegboyega Oyetola, assuring local shipowners of support and promising to advance the disbursement of the Cabotage Vessel Financing Fund to qualified beneficiaries.
Oyetola gave the assurance in Lagos during the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement organised by the Federal Ministry of Marine and Blue Economy.
He said the government remained committed to implementing the Coastal and Inland Shipping (Cabotage) Act to strengthen Nigerian participation in vessel ownership and domestic maritime transportation.
“To our indigenous shipowners, I wish to reaffirm this administration’s commitment to the development of indigenous shipping capacity and the effective implementation of the Coastal and Inland Shipping (Cabotage) Act,” the minister said.
NIMASA to Accelerate Fund Disbursement
Addressing concerns over access to financing in the maritime sector, Oyetola disclosed that he had directed the Nigerian Maritime Administration and Safety Agency to collaborate with approved Primary Lending Institutions to speed up the processing and disbursement of the Cabotage Vessel Financing Fund (CVFF).
The fund is designed to provide financing support for eligible Nigerian shipowners and promote greater local participation in the country’s maritime industry.
“Progress may require patience, but our direction remains firm,” Oyetola said, expressing confidence in the government’s commitment to advancing the fund’s implementation.
He noted that effective deployment of the CVFF would help strengthen Nigeria’s national fleet and improve the capacity of indigenous operators to compete in the domestic shipping market.
According to the minister, the benefits of the fund extend beyond the acquisition of vessels to other areas of the maritime industry, including shipbuilding, marine engineering, vessel maintenance and maritime logistics.
“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” he said.
FG Targets Greater Local Participation
Oyetola stressed that building indigenous shipping capacity was central to the government’s broader strategy to ensure that Nigerians derive greater economic benefits from the country’s maritime resources.
He also highlighted the need for professional training, the development of local expertise, support for indigenous businesses and strategic investment to create a competitive domestic maritime industry.
“Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” the minister added.
Earlier at the engagement, Denmark’s Ambassador to Nigeria, Jens Hansen, delivered a presentation on Denmark’s experience in developing a sustainable blue economy, focusing on lessons for strategic partnerships, investment and technology transfer with Nigeria.
