The Shipowners Association of Nigeria (SOAN) has called for improved funding to boost local operators. President Sunny Eja stated that access to the Cabotage Vessel Financing Fund (CVFF) will strengthen competitiveness. He made the remarks during the official launch of the CVFF application portal by NIMASA.
Eja described the portal launch as a milestone reflecting transparency, accountability, and ease of access. He emphasised that vessels are vital assets supporting maritime trade, job creation, and economic growth. Improved CVFF access will enable Nigerian operators to acquire modern vessels and expand their fleets. This will create jobs for seafarers, enhance local content, and strengthen the Blue Economy agenda.
Eja commended Minister Adegboyega Oyetola, NIMASA Director-General Dr Dayo Mobereola, and other stakeholders. He explained that the CVFF addresses the long-standing challenge of affordable vessel financing for indigenous operators. Shipowners were encouraged to comply strictly with guidelines, maintain professionalism, and engage the portal responsibly. Eja praised NIMASA’s technology-driven approach, aligning it with global best practices to reduce inefficiencies.
Similarly, SOAN President Sola Adewumi lauded President Bola Tinubu’s leadership under the Renewed Hope Agenda. He commended Oyetola for prioritising transparency, accountability, and sector repositioning in Nigeria’s maritime industry. Adewumi noted the portal marks a critical milestone for fleet expansion, modernisation, and seafarer employment. He added that empowering local shipowners strengthens the entire maritime value chain and national economy.
The CVFF, established under the Cabotage Act of 2003, aims to enhance indigenous shipping participation. The portal’s launch ensures easier, structured, and transparent disbursement of funds for eligible shipowners. SOAN and its members pledged full cooperation to maximise the fund’s impact and achieve sustainable growth. With proper utilisation, the CVFF will drive Nigeria’s coastal and inland shipping towards global competitiveness.
