
In Historic Move, Oyetola Orders NIMASA to Commence Process of CVFF Disbursement
In a landmark move poised to reshape Nigeria’s maritime landscape, the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Isiaka Oyetola (CON), has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF). This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationaliz...