FG reaffirms commitment to maritime growth, fast-tracks CVFF

In a renewed effort to revitalise Nigeria’s maritime sector, the Federal Government has pledged to support industry growth through targeted financing and policy initiatives.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, reaffirmed this commitment during a meeting with the Director-General and CEO of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, in Abuja.

The discussions focused on accelerating the implementation of the Cabotage Vessel Financing Fund (CVFF)—a key initiative designed to strengthen indigenous shipping companies.

The government’s emphasis on maritime financing aims to empower local shipowners, boost coastal trade, and create employment opportunities, ultimately positioning Nigeria as a competitive maritime hub in Africa.

The meeting also highlighted the importance of stakeholder collaboration to ensure that the CVFF is effectively utilised to drive sustainable growth in the sector.

With a combination of strategic investments and policy support, Nigeria’s maritime industry is expected to expand significantly, contributing to broader economic development and global competitiveness in shipping.