LAGOS — Indigenous shipowners flooded the Cabotage Vessel Financing Fund application portal with over 100 submissions shortly after its January 2026 launch by Marine and Blue Economy Minister Adegboyega Oyetola. The $700 million fund, managed by the Nigerian Maritime Administration and Safety Agency, aims to help local operators buy vessels and claim a bigger slice of the cabotage trade, where over 4,000 ships pass through Nigerian waters each day.

NIMASA sources in Lagos told reporters the rush shows strong interest but warned the money won’t stretch to all applicants at once. ‘The fund may not go round at a go,’ one official said. ‘It will be rotated as time goes on, on a first-come, first-served basis. Once an applicant meets the requirements, they get the green light.’

The portal went live five months past NIMASA’s own August 2025 deadline for disbursements. Industry leaders see it as a breakthrough after years of delays. Shipowners Association of Nigeria President Sonny Eja called the fund a welcome step for operators long shut out of vessel financing. Chief Greg Ogbeifun, pioneer SOAN president and CEO of Starzs Investments Company Limited, confirmed his firm applied. He praised government sincerity but questioned if many can front the required 5% equity—up to $25,000 on the maximum loan.

‘This is the first time since the CVFF’s establishment that the government seems sincere,’ Ogbeifun said. He noted a five-year waiver in the CVFF Act lets foreign-built vessels qualify, given Nigeria lacks commercial shipyards. The Nigerian Navy Dockyard has built naval ships, he added, but nothing for merchants.

Nigerian Chamber of Shipping President Alhaji Aminu Umar expects a rotational rollout over five years, with loans repayable in up to eight. ‘Some will access it this year, others next,’ he said. Umar hailed Minister Oyetola and NIMASA Director-General Dayo Mobereola for momentum. He predicts the fund will spark shipbuilding, create jobs, generate taxes and draw investment. Umar recently met Oyetola, who showed eagerness to start payouts.

NIMASA plans strict checks to block foreigners using Nigerian fronts in the cabotage trade, reserved for locals under law. Maritime lawyer Olisa Agbakoba, a former Nigerian Bar Association president, said a galvanized sector could unlock N70 trillion yearly from maritime and blue economy activities through smart reforms. Policy flip-flops have held it back, he added.

Dr. Eugene Nweke of the Sea Sea Empowerment and Research Center pointed to the National Policy on Marine and Blue Economy (2025-2034) as a roadmap for ports, waterways, cabotage, security and local content. Implementation remains the hurdle, he said, not the policies themselves.

Optimism tempers past letdowns. In December 2019, then-Transportation Minister Rotimi Amaechi announced President Muhammadu Buhari’s approval for CVFF release. Nothing followed. Former NIMASA head Bashir Jamoh promised action in 2021 and 2022. The funds sat idle until Oyetola took over in 2023 under President Bola Tinubu and pushed the portal live.

Stakeholders agree success hinges on fair, quick disbursements. With applications piling up, NIMASA faces pressure to move fast and keep locals in the driver’s seat.