CVFF: Banks encouraged to partner shipowners on long-term asset development

As Nigeria is set for the disbursement of the Cabotage Vessel Finance Fund (CVFF) with the unveiling of its Application Portal for shipowners, lending banks have been encouraged to structure innovative, risk-managed financing models, partner with shipowners on long-term asset development, and help unlock maritime capital as a viable investment class.

The CVFF Application Portal, designed by the Nigerian Maritime Administration and Safety Agency (NIMASA), was unveiled by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, in Lagos on Thursday, January 22, 2026.

Speaking with PortNews on the significant actions to be taken by key stakeholders on the CVFF disbursement, Captain Ladi Olubowale, the immediate past president of Africa Shipowners Association (ASA), advised the financial institutions and lenders who would manage the fund, saying the CVFF would deepen maritime finance expertise and support national economic growth.

Captain Ladi Olubowale, who is a Board of Director of Seamate Maritime Integrated Services Limited, said the unveiling of the CVFF Application Portal was a historic as it marks a defining moment for the Nigeria’s maritime sector.

Olubowale said the drivers and executors of the CVFF will be led by private sector while listing the call to action for each of the stakeholders as follows:

Call to Action: Nigerian and Africa Shipowners
The CVFF presents a generational opportunity for Nigerian shipowners to scale, modernise fleets, and compete effectively in coastal and regional trade. Shipowners must approach this fund with strong governance, bankable business plans, and a commitment to safety, compliance, and operational excellence. This is the moment to move from survival to sustainability and from participation to leadership in cabotage trade.

Call to action: Financial Institutions & Lenders
The successful deployment of the CVFF requires proactive engagement from Nigerian and international financial institutions. Banks are encouraged to structure innovative, risk-managed financing models, partner with shipowners on long-term asset development, and help unlock maritime capital as a viable investment class. The CVFF is an opportunity to deepen maritime finance expertise and support national economic growth with banks having maritime desks to serve the industry.

Call to action: Private Investors & Asset Owners
For private investors, the CVFF signals renewed policy credibility and government commitment to indigenous shipping. Investors should explore co-investment opportunities, leasing models, fleet ownership structures, and joint ventures that align capital with experienced operators. Nigeria’s coastal and inland shipping market offers long-term returns when paired with disciplined execution and strong governance.

Call to Action: International Partners & OEMs
International maritime partners, shipyards, OEMs, and technical managers are invited to collaborate with Nigerian operators through technology transfer, vessel supply, training, and maintenance partnerships. The CVFF opens a pathway for structured, transparent collaboration that strengthens local  capacity while meeting international standards.

Commending the Minister and the Director General of the NIMASA, Dr. Dayo Mobereola, Olubowale said “he official launch of the Cabotage Vessel Financing Fund (CVFF) marks a defining moment for Nigeria’s maritime sector. This milestone reflects visionary leadership, policy consistency, and a renewed commitment to indigenous shipping development.

“I commend the Honourable Minister of Marine and Blue Economy, the Director-General of NIMASA, and the entire leadership and management team for turning a long-awaited national aspiration into reality. The CVFF launch sends a strong signal of confidence to local shipowners, investors, and maritime professionals, while strengthening Nigeria’s position as a leading maritime nation in Africa.

“This is not just a launch it is a statement of intent for sustainable growth, capacity building, and the future of Nigerian shipping.”