The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has urged Nigerian shipowners to exercise patience over the disbursement of the Cabotage Vessel Financing Fund (CVFF), assuring them that the Federal Government remains firmly committed to strengthening indigenous shipping capacity.
“Progress may require patience, but our direction remains firm,” the minister said, reaffirming the administration’s resolve to support Nigerian shipowners and expand local participation in maritime trade. He stressed that the government remained committed to the effective implementation of the Coastal and Inland Shipping (Cabotage) Act, which seeks to promote Nigerian participation in the ownership and operation of vessels engaged in 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,” Oyetola said. The CVFF is a key financing instrument designed to help Nigerian shipowners acquire vessels and strengthen their competitiveness in the domestic shipping market.
Its effective disbursement is expected to boost the national fleet, improve access to capital and create opportunities across the maritime industry. According to the minister, the fund’s impact would extend beyond vessel acquisition to stimulate investment in 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. Oyetola noted that building a competitive domestic maritime industry also required sustained investment in professional training, local expertise and indigenous businesses.
He said the government’s broader objective was to ensure that Nigerians had the opportunities, skills and resources to take ownership of the country’s maritime future. “Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” he added.
The engagement also featured a presentation by the Ambassador of the Kingdom of Denmark to Nigeria, Jens Ole Bach Hansen, on Denmark’s experience in building a sustainable blue economy, with lessons for strategic partnerships, investment and technology transfer in Nigeria.