By Obiabin Onukwugha
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has stated the newly launched application portal for the Cabotage Vessel Financing Fund (CVFF) will end financing challenges faced by ship owners in the country.
The Minister also stated that the portal will enable indigenous ship owners to access the CVFF fund, thereby boosting their operations.
Oyetola stated this at the unveiling of the CVFF Application Portal held in Lagos, pointing out that eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria.
The minister also stated that establishing the portal marked an historic step in Nigeria’s journey to operationalise structured financing for indigenous ship ownership.
According to him, robust due diligence and professional financial oversight will also support the applications through approved Primary Lending Institutions.
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive.
“I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” Oyetola said.
He commended President Bola Tinubu for repositioning Nigeria’s maritime sector as a central pillar of national development, adding that the initiative aligned with the broader national objective of diversifying the economy and unlocking the potential of Nigeria’s maritime domain, coastal resources and inland waterways.