Oyetola Reaffirms Commitment to Indigenous Shipping, Cabotage Act Implementation
Oyetola Reaffirms Commitment to Indigenous Shipping, Cabotage Act Implementation
CAPTION
L-R: Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, unveiling the newly gazetted Nigerian Ports Economic Regulatory Agency (NPERA) Act, 2026 and the new agency’s logo at the third quarter stakeholders engagement of the Federal Ministry of Marine and Blue Economy, in Victoria Island, Lagos, on Friday.
Bisi Akingbade
As part of efforts to address longstanding concerns over access to financing, the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with approved Primary Lending Institutions (PLIs) to accelerate the processing and disbursement of the Cabotage Vessel Financing Fund (CVFF) to eligible beneficiaries.
Oyetola reaffirmed the Federal Government’s commitment to strengthening indigenous shipping capacity and ensuring 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 trade.
He gave the assurance on Friday at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy, held in Victoria Island, Lagos.
The minister assured Nigerian shipowners that the government would continue to support the development of indigenous shipping, particularly by facilitating access to the CVFF for qualified applicants.
“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,” he said.
“Progress may require patience, but our direction remains firm,” the minister stated, underscoring the administration’s determination to advance the fund’s implementation.
The CVFF is regarded as a critical financing instrument for supporting Nigerian shipowners and expanding indigenous participation in the maritime industry. Its effective deployment is expected to strengthen the national fleet and improve local capacity to compete in the domestic shipping market.
In the press release issued by the Special Adviser to the Honourable Minister, Federal Ministry of Marine and Blue Economy, Dr. Bolaji Akinola, highlighted that the benefits of the fund extend beyond vessel acquisition to other segments of the maritime value chain, including shipbuilding, marine engineering, vessel maintenance and maritime logistics.
He stressed that developing indigenous shipping capacity remained central to the government’s broader objective of ensuring that Nigerians derive greater economic benefits from the country’s maritime resources.
“The effective deployment of the CVFF has the potential to strengthen our indigenous fleet and stimulate investment across the maritime value chain,” he said.
The minister also highlighted the importance of professional training, local expertise development, support for indigenous businesses and strategic investment in building a competitive domestic maritime industry.
“Our ultimate objective is to build an industry in which Nigerians possess the opportunities, capabilities and resources to own, operate and lead,” he added.