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The League of Maritime Editors has commended the Federal Government on the launch of the Cabotage Vessel Financing Fund (CVFF) Application Portal and called for its swift disbursement.
While describing the CVFF Application Portal as a potentially critical step toward unlocking long-awaited funding for indigenous shipping operators, the group also called for action of the N50billion floating dock which has remained idle since its acquisition by the Nigerian Maritime Administration and Safety Agency (NIMASA) in 2018.
In a statement jointly signed by the League’s President, Mrs. Remi Itie; Secretary General, Femi Kumuyi; and Public Relations Officer, Francis Ugwoke, the group said the initiative aligns with its newly unveiled 2026 growth media agenda aimed at accelerating Nigeria’s marine and blue economy through sustained advocacy and sector-focused reporting.
The League endorsed the position of the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, who described the portal as a “strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
However, it warned that the launch must go beyond symbolism and translate into actual disbursement of funds to qualified Nigerian shipping companies.
According to the editors, previous attempts to release the CVFF were stalled by bureaucracy and unfulfilled promises, leaving operators without access to the much-needed financing.
“We state this with all sense of history and patriotism, having observed different promises and efforts in the past towards the disbursement that failed to produce results. Everything ended in bureaucratic circles with no disbursement,” the statement said.
While acknowledging the assurance of the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, that a dedicated CVFF unit has been established to drive implementation, the League stressed that the real test lies in tangible outcomes.
Beyond the CVFF, the group also raised concerns over the continued idleness of NIMASA’s modular floating dock acquired in 2018, describing it as a wasted strategic asset.
The editors noted that the floating dock, designed to handle vessels of up to 10,000 metric tonnes, was meant to boost local ship repair and maintenance, conserve foreign exchange and strengthen indigenous maritime capacity. Instead, it has remained largely unused, incurring significant maintenance costs.
They urged NIMASA to urgently deploy the facility for productive operations, adding that its activation would align with the “renewed hope” agenda of President Bola Ahmed Tinubu.
The League further called on the Ministry of Marine and Blue Economy to intensify efforts to reposition Nigerian shipping companies in crude oil transportation by pushing for a shift from the current Free on Board (FOB) trade terms to Cost, Insurance and Freight (CIF).
Under the FOB regime, foreign buyers provide vessels, sidelining Nigerian operators and depriving the country of significant foreign exchange earnings. The editors recalled that industry bodies had previously warned Nigeria was losing massive revenue annually to foreign firms due to this arrangement.
They urged stronger inter-ministerial engagement, particularly with the Ministry of Petroleum, to secure the political will needed to implement CIF and restore indigenous participation in crude oil affreightment.
