FG To Give Nigerian Shipowners $25m Each Under CVFF

The Federal Government says qualified Nigerian shipowners will soon access up to 25 million dollars each under the Cabotage Vessel Financing Fund, CVFF.

Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Monday in a post on his X handle.

Oyetola said the government is finally set to begin disbursing the fund, more than 20 years after it was established.

He explained that the financing will help Nigerian shipowners acquire modern vessels, expand their fleets and compete for coastal and offshore contracts currently dominated by foreign operators.

The minister said the fund will also address the major challenge of access to affordable long-term financing facing indigenous shipping companies.

According to him, the initiative is expected to strengthen Nigeria’s shipping industry, keep more maritime value within the country and create over 30-thousand direct and indirect jobs.