By Peter Onyekachukwu 
By Peter Onyekachukwu,
In what appears to be a major step toward unlocking long-awaited funding for Nigeria’s indigenous maritime operators, the Nigerian Maritime Administration and Safety Agency (NIMASA) is set to unveil an online application portal for the disbursement of the $360 million Cabotage Vessel Financing Fund (CVFF) on Monday.
The fund, which is currently held with the Central Bank of Nigeria (CBN), is targeted at supporting local shipowners to boost indigenous participation in the country’s shipping sector.
A senior official at NIMASA, who confirmed the development, said the launch of the portal marks a turning point in Nigeria’s maritime sector. “We have been working closely with stakeholders to ensure transparency and accessibility. The portal will simplify the application process and ensure that only credible operators benefit,” the official said.
The unveiling will be done by the Minister of Marine and Blue Economy, Adegboyega Oyetola, who had earlier announced August 2025 as the deadline for full disbursement of the fund. The event is also expected to provide clarity on the Standard Operating Procedure for accessing the CVFF.
Over 100 indigenous shipowners under various associations are reportedly gearing up to apply once the portal goes live. The scramble for the fund underscores the urgent need for fleet renewal and capacity enhancement among local operators.
One shipowner, who pleaded anonymity, said, “We have waited too long for this. This fund can change the face of indigenous shipping if it is managed transparently and distributed fairly.”
The CVFF, created under the Coastal and Inland Shipping (Cabotage) Act of 2003, is funded through a 2% deduction from the earnings of vessels operating in Nigeria’s coastal waters. It is intended to empower Nigerian shipping companies to acquire new vessels and grow their businesses in a sector historically dominated by foreign interests.
With the portal launch just days away, maritime stakeholders are hoping the process ushers in a new era of trust and empowerment in the blue economy.