CVFF portal represents renewed hope for fleet expansion – NISA

The Nigerian Shipowners Association (NISA) has stated that application portal for the Cabotage Vessel Financing Fund (CVFF) Portal represents renewed hope—hope for fleet expansion, modernization, job creation for our seafarers, and greater retention of maritime value within the national economy.

The NISA President, Otunba Sola Adewumi, stated while speaking at the unveiling of the portal in Lagos today by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, saying commending the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu, GCFR, for his bold leadership under the Renewed Hope Agenda, and the Minister for his clear vision and commitment to repositioning the maritime sector as a pillar of national economic growth.

According to Adewumi, “I am honoured to participate in this important occasion—the official commissioning of the Cabotage Vessel Financing Fund (CVFF) Portal by NIMASA.

“The CVFF, established under the Cabotage Act, was created to provide Nigerian shipowners access to affordable financing and to strengthen indigenous participation in coastal and inland shipping. The commissioning of this digital portal marks a critical milestone in the realization of that objective. It demonstrates transparency, accountability, and a deliberate effort by the Federal Government to ensure that the Fund delivers real value in line with the Marine and Blue Economy policy.

“For Nigerian shipowners, this portal represents renewed hope—hope for fleet expansion, modernization, job creation for our seafarers, and greater retention of maritime value within the national economy. When indigenous shipowners are empowered, the entire maritime value chain benefits.”

He assured Oyetola full support, cooperation and commitment of his members for the full utilisation of the fund.

“I wish to assure the Honourable Minister and the Management of NIMASA of the full support and cooperation of the Nigerian Shipowners Association. We are committed to responsible utilization of the Fund and to working with all pstakeholders to ensure the objectives of the Cabotage Act are fully achieved.

“I also urge eligible shipowners to embrace this opportunity with integrity, professionalism, and a long-term national outlook.

“I congratulate the Nigerian Maritime Administration and Safety Agency (NIMASA) on this significant achievement and commend all stakeholders whose persistence has brought us to this day. The commissioning of the CVFF Portal is a defining step toward a stronger and more sustainable indigenous shipping industry.”