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Oyetola flags off application process for CVFF disbursement 

– as NIMASA says process does not confer approval for fund.
Funso OLOJO 
The Minister of Marine and Blue Economy,  Adegboyega Oyetola, has flagged off the process for the disbursement of the Cabotage Vessel Financing Fund(CVFF) 23 years after the fund was established.
Towards this end, the Minister on Thursday 22nd, January 2026 ,officially launched and unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal, marking a historic step in Nigeria’s long-awaited journey to operationalise structured financing for indigenous ship ownership.
The event, held at Eko Hotel and Suites in Victoria Island, Lagos, drew senior government officials, maritime industry leaders, legislators and key stakeholders from across the sector.
Declaring the portal open, Dr Oyetola described the occasion as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
He noted that the launch aligned with the broader national objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.
“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” the Minister said.
“A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership.
 Today, we are changing that narrative.”
Oyetola recalled that the Cabotage Vessel Financing Fund, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners.
However, he acknowledged that institutional and structural considerations over the years delayed its operationalisation.
 He stated that upon assuming office, his Ministry adopted a clear policy objective to strengthen Nigeria’s maritime capacity and ensure that the CVFF is implemented strictly in line with sound governance and financial principles.
“The CVFF is structured as a strategic development instrument,” he said.
“By facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services.”
He further emphasised that the Fund’s impact extends beyond economics, noting that a stronger indigenous fleet would enhance maritime safety and security while supporting national efforts to maintain a regulated and efficient maritime domain.
Stressing accountability, he reminded potential beneficiaries that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.
The Minister explained that the newly launched digital portal would serve as the institutional gateway for transparent administration of the Fund.
 “Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions,” he said.
 He added that the portal aligns with the Federal Government’s e-Government agenda and efforts to reduce bureaucratic bottlenecks and improve ease of doing business.
“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive,” he said.
 “I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” he said.
Also speaking at the event, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its purpose.
He however warned that application by interested ship owners does not confer approval for the fund.
Mobereola stated that NIMASA has established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.
“Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” he said.
He assured that the agency will ensure professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence, and transparent monitoring of the entire process.
He said the agency is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.
Goodwill messages were delivered by the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinloku, and the Chairman of the House Committee on Maritime Safety, Education and Administration, Hon. Khadija Bukar Abba Ibrahim.
Both legislators commended Minister Oyetola and NIMASA for what they described as a landmark achievement that responds to longstanding demands of the maritime community.
 They pledged continued legislative support to ensure effective implementation of the Fund and sustained reforms in the sector.
Industry stakeholders also expressed strong support for the initiative. The President of the Nigerian Maritime Law Association, Mike Igbokwe (SAN); President of the Nigerian Chamber of Shipping, Aminu Umar; President of the Nigerian Shipowners Association, Sola Adewunmi, and President of the Shipowners Association of Nigeria, Sonny Eja, all praised the Minister and NIMASA for their commitment to finally unlocking the CVFF.
They described the portal launch as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 as a vital instrument to provide structured financing for Nigerian shipping companies to acquire vessels and participate meaningfully in domestic maritime trade.
However, for more than two decades, the Fund remained largely inaccessible, leaving indigenous operators dependent on costly foreign financing or foreign-flagged vessels.
Recall that in 2025, Dr Oyetola directed NIMASA to commence the process of disbursing the CVFF, signalling a firm commitment to actualising the Fund’s original intent and unlocking its immense potential for national economic growth.
Responding to this directive, NIMASA issued a Marine Notice inviting eligible Nigerian shipping companies to submit applications.
Qualified applicants will have the opportunity to access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet stringent international safety and performance standards.
The Fund’s administration will be conducted in close collaboration with carefully vetted and approved Primary Lending Institutions, ensuring a professional, efficient and accountable disbursement process.
With the unveiling of the CVFF Application Portal, stakeholders believe Nigeria has taken a long-awaited step towards building a robust indigenous fleet, retaining maritime value within the national economy and positioning the country as a stronger player in the global marine and blue economy.
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Analyses

The invisible toll gates:Why National Single Window is Nigeria’s ultimate economic battleground

Monday Discourse with  Ibrahim Nasiru
Walk into any market in Nigeria today, from the commercial hubs of Lagos to the roadside stalls in Yola, and ask why a bag of rice or an imported spare part costs three times what it did last year.
The typical public commentator will blame global inflation, floating currencies, or macro-economic shocks.
But those who understand logistics know the real truth lies buried under layers of paper, manual stamps, and artificial delays at our seaports.
Nigeria’s international trade is suffocating not from a lack of deep water, but from a deliberate design of convenience.
The recent operational rollout of the National Single Window (NSW) has triggered behind-the-scenes panic among Port cartels, and for good reason.
For decades, keeping our clearing processes fragmented, manual, and dependent on desk-to-desk human interaction was the perfect business model for syndicates.
When cargo dwell times drag on for 21 days, those delays are money in the pockets of the gatekeepers and a death sentence for local businesses.
Let us look at the raw field realities. The push by the Nigeria Customs Service to aggressively crash clearance times down to global 48-hour standards is meeting fierce internal resistance.
Why? Because a unified digital ecosystem means you cannot easily manipulate documentation, hide illicit cargo, or demand “mobilization fees” before signing off a container.
The outcry and protests from certain freight-forwarding syndicates aren’t about technical glitches; they are about the sudden closure of invisible toll gates.
This is exactly why governance at our national gateways can no longer be left to the mercy of transactional bureaucratic habits.
Building deep-sea infrastructure like Lekki Port is a massive physical achievement, but concrete and cranes are useless if the administrative processes at the gate remain backward.
 Real structural reform requires turning our Ports into automated, friction-free pipelines that prioritize production over rent-seeking.
If Nigeria wants to survive this fiscal squeeze, the National Single Window cannot just be treated as another glossy IT project launched in Abuja.
 It requires unyielding administrative enforcement to completely dismantle the corrupt cartels managing the manual desk chains.
The invisible toll gates at our Ports must be completely demolished, and that exact same structural discipline must be scaled across our border stations and trade corridors.
The era of managing international trade with 20th-century paper trails is dying. The future belongs to the builders of automated, transparent systems.
Chief Ibrahim Nasiru, a public affairs analyst,  writes from Abuja 
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Headlines

NANTA Exco embarks on seven-day Ghana retreat, fam trip to deepen regional tourism partnership

Gloria Odion, Reporter

The National Executive Council (NEC) of the National Association of Nigeria Travel Agencies (NANTA) has commenced a seven-day executive retreat and familiarisation (fam) trip to Ghana, hosted by Safari World, as part of efforts to strengthen regional tourism partnerships and expand cross-border travel opportunities.

The NANTA delegation was received at Safari World Homes in Accra by the Chairman of the Safari World Group, Mr. Ernest Gyekye, who expressed delight at hosting the Nigerian travel trade leaders.

He assured the delegation of a memorable experience throughout their week-long stay.

Speaking on the significance of the visit, NANTA President, Mr. Yinka Folami, described the retreat and familiarisation tour as a strategic initiative aimed at fostering stronger business relationships and promoting collaborative tourism development across Africa.

“This mission is not a leisure trip,” Folami said. “It is a deliberate step to implement and expand our association’s marketing advocacy for Nigerian brands across borders.”

He noted that Nigeria and Ghana share deep historical, cultural and commercial ties that should be leveraged to drive tourism growth on the continent.

“Nigeria and Ghana share history, culture, trade and people. The future of our tourism cannot be built in silos,” he said.

“This retreat is about moving from policy to practice—creating real products, real partnerships and real movement of travellers between Accra and Lagos.”

As part of the programme, the NANTA executives will engage in strategic business-to-business (B2B) meetings with their Ghanaian counterparts, tour key tourism destinations under the Safari World brand, and participate in cultural exchange activities designed to promote stronger bilateral tourism cooperation.

The itinerary spans Safari World’s three flagship destinations, including Safari Homes in Accra, the Aqua Safari riverfront experience, Safari Island Cruise, Safari Nautica, and Safari Recreation and Sports facilities in Ada, as well as the Safari Valley Eco Resort and Safari Eco Park in Dawu.

Operating under the brand promise, “One World, Three Destinations, Over 20 Unique Experiences,” Safari World is leveraging the visit to strengthen its footprint in the Nigerian travel market while positioning Ghana as a premier destination for leisure tourism, conferences, group travel, family holidays and premium tourism experiences.

A major highlight of the visit will be the Executive Dinner scheduled for July 21 at the Safari Valley Eco Resort, where key stakeholders from Nigeria and Ghana’s tourism industries will deliberate on strategies for deepening travel trade and advancing regional tourism development.

The familiarisation tour is expected to provide NANTA’s leadership with first-hand knowledge of Safari World’s tourism offerings, paving the way for the development of attractive travel packages and stronger business partnerships that will benefit Nigerian travellers and the wider West African tourism industry.

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Customs

Ogun Customs spurns claims of Smugglers’ takeover of Idiroko–Sango Ota trading Route

Funso OLOJO, Editor

The Ogun I Area Command of the Nigeria Customs Service (NCS) has dismissed as false reports alleging that smugglers had taken over the Idiroko–Sango Ota trading route in Ogun State, describing the claims as a deliberate misrepresentation of a traffic incident.
In a statement issued by the Command’s Public Relations Officer, Superintendent of Customs (SC) Chado, the Command clarified that the traffic gridlock on the route resulted from the breakdown of an articulated commercial trailer after it fell into a badly deteriorated section of Atan Road, temporarily obstructing the free flow of traffic.
According to the Command, the vehicles caught in the ensuing congestion were legitimate commercial trucks transporting red palm oil to various local markets and had no connection whatsoever with smuggling activities.
It explained that the large number of heavy-duty trucks trapped in the gridlock may have led some members of the public to wrongly conclude that smugglers had taken over the road.
“The reports that smugglers blocked the road are inaccurate. The disruption resulted from a road accident and poor road conditions. The vehicles involved were lawful commercial vehicles transporting red palm oil for legitimate trade,” Chado stated.
The Command urged journalists, social media users and the general public to verify information before disseminating reports capable of creating unnecessary panic or undermining public confidence in security agencies.
Observers within the border trade sector noted that the allegation does not reflect the prevailing security situation within the Ogun I Area Command, where anti-smuggling operations have been intensified under the leadership of the Acting Customs Area Controller, Comptroller O.O. Afeni.
Since assuming office, Comptroller Afeni has strengthened intelligence-driven surveillance, enhanced collaboration with other security agencies and host communities, and sustained pressure on economic saboteurs operating along the Ogun border corridors.
These measures, according to stakeholders, have resulted in significant seizures of prohibited goods and reinforced the Command’s resolve to safeguard Nigeria’s economy and territorial integrity.
Maritime and border trade stakeholders also cautioned against the spread of unverified information capable of undermining the efforts of security personnel or creating a false impression of lawlessness in border communities.
They stressed that while combating smuggling remains an ongoing responsibility, responsible and accurate reporting is equally critical to ensuring that operational achievements are not overshadowed by misinformation.
The Ogun I Area Command reaffirmed its commitment to sustaining its anti-smuggling campaign while facilitating legitimate cross-border trade in line with the statutory mandate of the Nigeria Customs Service.

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