FG Launches CVFF Portal to Give Shipowners Access to Vessel Loans at 6.5% Interest
January 23, 2026 (Business & Economy Desk) — The Federal Government of Nigeria has officially launched the long-anticipated Cabotage Vessel Financing Fund (CVFF) application portal, opening the door for indigenous shipowners to access structured vessel financing at a 6.5 % interest rate with an eight-year repayment plan.
The portal, commissioned on Thursday in Lagos by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, marks a significant push to operationalise the CVFF — a financing mechanism established under the Coastal and Inland Shipping (Cabotage) Act of 2003 but long dormant due to regulatory and administrative challenges.
Under the newly operationalised framework, eligible Nigerian shipowners can apply online to access up to USD 25 million each to finance the acquisition of vessels for coastal and inland shipping. Loans are structured with a maximum interest rate of 6.5 % per annum and a repayment tenor of eight years, designed to provide long-term capital for a capital-intensive industry.
Speaking at the event, Oyetola described the portal launch as a strategic milestone in repositioning Nigeria’s maritime sector as a key driver of national development, economic diversification and job creation. He said the digital platform will enhance transparency, efficiency and ease of access for applicants, aligning with the Federal Government’s broader e-governance agenda.
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, underscored that the fund’s structure aims to reduce Nigeria’s reliance on foreign-flagged vessels and keep more value within the domestic economy, while also bolstering maritime safety and national competitiveness.
Shipowners and industry stakeholders have welcomed the development as a long-overdue boost to indigenous shipping capacity, with many noting that access to long-term, low-interest financing has historically been a major barrier to local participation in coastal trade.
Officials emphasized that the CVFF is a revolving fund — meaning responsible repayment will help sustain its availability for future applicants — and that applications will be evaluated through Primary Lending Institutions to ensure due diligence and accountability in disbursements.
The portal’s activation, more than two decades after the Cabotage Fund was first established, is seen as a turning point for Nigeria’s blue economy, potentially catalysing growth in shipbuilding, maritime services and broader logistics sectors
