The Federal Government has directed lenders to fast-track the processing of applications under the Cabotage Vessel Financing Fund, in a move aimed at ending more than two decades of delays in accessing the maritime financing scheme.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the Nigerian Maritime Administration and Safety Agency to work with the 12 approved Primary Lending Institutions to accelerate the processing and disbursement of funds to qualified beneficiaries.

Oyetola said 92 applications had been received under the CVFF framework, with 20 already forwarded to approved lenders and one application reviewed and submitted for approval.

The fund was established to provide low-interest, long-term financing to enable Nigerian shipowners acquire modern vessels and expand their fleets.

The Federal Government expects greater access to the fund to help indigenous operators compete for coastal and offshore contracts, reduce dependence on foreign vessel operators and retain more maritime earnings in Nigeria.

Oyetola said the intervention could generate more than 30,000 direct and indirect jobs across shipyards, marine engineering firms and maritime logistics companies.

He said the government increased the number of approved lending institutions from five to 12 to expand access to the financing, while a CVFF application portal was launched in January 2026 to improve transparency and streamline the process.

The minister said the move followed President Bola Tinubu’s authorisation to address financing challenges facing domestic maritime operators and unlock opportunities in the blue economy.

Meanwhile, Oyetola said the Federal Government was also investing in the training of Nigerian seafarers, with 222 receiving free professional training and 333 cadets completing academic training and obtaining degrees.

He added that 135 cadets had completed training under the Nigerian Seafarers Development Programme and obtained Certificates of Competency, while 7,059 Nigerian seafarers had been placed onboard vessels to acquire sea-time experience.