Government tok say CVFF ship loans don start; experts tok say banks and NIMASA still slow

Di Federal Government tok say e don start to pay out di Cabotage Vessel Financing Fund (CVFF) to Nigerian shipowners, one pool wey dem mean to help dem buy ships and compete with foreign operators.

Minister of Marine and Blue Economy Adegboyega Oyetola tok say e don direct di Nigerian Maritime Administration and Safety Agency (NIMASA) to begin di disbursement, according to one report by di News Agency of Nigeria wey Nairametrics carry.

E tok on Thursday for Lagos for di annual summit of di Shipping Correspondents Association of Nigeria (SCAN), where Anastasia Ogbonna, Director of Media for di ministry, represent am.

Oyetola tok say NIMASA don receive 92 applications, with 20 sent go lending institutions and one reviewed and forwarded for final approval. E also tok say di number of approved Primary Lending Institutions go rise from five to 12, and say dem go launch one transparent application portal for January 2026.

E project say di fund fit create more than 30,000 direct and indirect jobs for shipyards, marine engineering and maritime logistics. Di government also dey look at one national shipping line wey dem go run with private partners, e tok.

Why e matter to ordinary Nigerians

Shipping dey move most of wetin Nigeria dey import and export, from fuel to food. If more of that trade dey carried by Nigerian-owned vessels, di government argue say more of di money go stay home and more jobs go dey created onshore.

Di fund get long, stop-start history. Dem set am up more than two decades ago but shipowners no fit access am. For December 2019, di government tok say disbursement go start for January 2020 after then-President Muhammadu Buhari approve am, when dem report di fund at ₦44.64 billion.

For May 2023, di House of Representatives order say make dem suspend di rollout over missing records of di fund balance and beneficiaries. One month later, di House approve disbursement of wetin dem estimate then at $360 million. By April 2025, NIMASA put di fund at about $700 million. President Bola Tinubu approve di current disbursement for September, Nairametrics report.

Experts tok say di delays never finish

For di same summit, shipping experts blame NIMASA weak regulatory framework and banks strict conditions for di years of delay, ThisDay and Independent report.

Maritime lawyer and former Nigerian Bar Association president Olisa Agbakoba tok say regulatory uncertainty dey raise investment costs and dey scare off long-term lenders. E call for clearer rules, defined roles between NIMASA and other agencies, and one predictable waiver system. Akunne Nzube represent am for di event, according to Independent.

Agbakoba also tok say di fund no fit carry fleet development alone. "Where is the cargo and commercial opportunity that will make Nigerian vessels financeable?" e ask, arguing say public money suppose pull in private capital rather than replace am.

Former NIMASA Director-General Temisan Omatseye no mince words about di banks. "The banks in Nigeria do not have the capacity to finance shipping," e tok, noting say one LNG tanker cost about $250 million and need repayment over at least 15 years.

United Bank for Africa Apapa regional manager, Nelson Edoye, tok say di gap need partnership between banks, regulators and shipowners, and say UBA ready to support local operators with tailored financing.

Wetin go happen next: Di government tok say di portal and di expanded list of lending banks dey due for January 2026. How quick shipowners go actually get money go depend on how those banks assess their applications.