More than two decades after its creation, Nigeria’s long-awaited Cabotage Vessel Financing Fund is edging towards implementation, but uncertainty persists as indigenous shipowners await actual disbursement of the promised lifeline, ANOZIE EGOLE reports
For years, indigenous shipowners in Nigeria have anticipated what many regard as the maritime sector’s long-awaited “lifeline” — the Cabotage Vessel Financing Fund.
Created under the Coastal and Inland Shipping Act of 2003, the fund was designed to empower Nigerian operators with access to financing for vessel acquisition and fleet expansion.
However, more than two decades after it was created, the fund has remained largely inaccessible despite several assurances from successive governments.
In a bid to give succour to shipowners, the Federal Government unveiled the Cabotage Vessel Financing Fund application portal in January 2026, which made many stakeholders believe the long delay had finally come to an end.
