The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that the Federal Government will provide qualified Nigerian shipowners with up to $25m each, under the Cabotage Vessel Financing Fund, a move he said could strengthen indigenous shipping and create more than 30,000 direct and indirect jobs.

This comes as he also disclosed that disbursement of the long-awaited CVFF to qualified Nigerian shipowners to strengthen indigenous shipping and create thousands of jobs will soon commence.

Oyetola disclosed this in a post on his X handle on Monday, saying the government was finally moving to unlock the fund more than 20 years after it was established.

He said the initiative would help address one of the major challenges confronting Nigerian shipowners.

“After more than 20 years, we are finally moving to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners. This is a major step towards building a stronger Nigerian-owned shipping industry, creating jobs and ensuring that more of the value generated from activities in our maritime space stays in Nigeria.

“Under the CVFF, each successful applicant will be able to access up to $25 million in financing to acquire vessels, subject to the applicable assessment and approval process. This is significant because access to affordable, long-term financing has been one of the major challenges limiting the growth of Nigerian-owned shipping companies”, the minister stated.

On how the fund would improve the competitiveness of indigenous operators, the minister said, “With access to financing at very low interest rates, our shipowners can acquire modern vessels, expand their fleets and compete for coastal and offshore contracts that are currently dominated by foreign operators.

“Our objective is to ensure that more Nigerian-owned vessels operate on Nigerian waters, more Nigerian businesses participate in our maritime economy, and more Nigerians benefit from the wealth our waters generate. Providing Nigerian shipowners with the financial capacity to acquire vessels is a critical step towards reducing foreign dominance in our maritime space.”

Oyetola said he had directed the Nigerian Maritime Administration and Safety Agency to accelerate the process of disbursing the fund to qualified applicants.

He stated, “I have, therefore, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved banks, known as Primary Lending Institutions (PLIs), to accelerate the disbursement of the fund to qualified applicants.

“NIMASA has so far received 92 applications. Of these, 20 have been forwarded to the Primary Lending Institutions, while one has so far been reviewed and forwarded for approval. To further speed up access, we have expanded the number of approved banks from five to 12 and launched the CVFF Application Portal to make the process more transparent, structured and accessible.”

Writers urged to promote inclusive maritime sector
The minister added that the expected impact of the fund extended beyond vessel acquisition, as increased indigenous ownership could stimulate several areas of the maritime economy.

He said, “The disbursement of the CVFF could help create a stronger indigenous fleet, which will in turn stimulate activity in shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries. It could also create more than 30,000 direct and indirect jobs, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.

“This initiative is part of the Tinubu Administration’s commitment to unlocking the full potential of Nigeria’s Blue Economy, strengthening indigenous capacity and ensuring that Nigerians take a greater share of the opportunities in our maritime sector.”

He also highlighted the government’s efforts to develop the human resources needed to support the maritime industry.

“Financing vessels is only one part of building a stronger indigenous maritime industry. We are equally investing in the people who will power this industry. So far, 222 seafarers have received free professional training, 333 cadets have completed their academic training and obtained degrees, while 135 cadets under the Nigerian Seafarers Development Programme (NSDP) have obtained their Certificates of Competency. In addition, 7,059 Nigerian seafarers have been placed onboard vessels to gain valuable sea-time experience.”

“We are determined to ensure that Nigerians own, operate and benefit from the economic activities taking place in Nigeria’s maritime space. We are building the capacity to make that happen — through vessel financing, skills development, indigenous enterprise and strategic investment in our maritime sector. The work continues”, the minister concluded.

The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies in acquiring vessels and developing indigenous capacity. Its disbursement has, however, been delayed for more than two decades.

The Federal Government launched the CVFF application portal in January 2026 and announced that successful applicants could access up to $25m in financing. NIMASA subsequently began receiving applications from interested operators.

NIMASA had disclosed in April that it received more than 60 applications within four months of opening the portal, with the agency promising that the disbursement process would be transparent and strictly monitored.

The latest figure provided by Oyetola represents an increase in applications to 92, although only one application has so far been reviewed and forwarded for approval, according to the minister.

Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has called on the Economic and Financial Crimes Commission (EFCC) to investigate the alleged failure to account for N33.75 billion in cash transfers meant for vulnerable Nigerians.

Falana, Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB), also urged the anti-graft agency to work with the Auditor-General for the Federation (AuGF) to recover the funds if investigations establish that they were diverted.

He made the demand in a statement on Sunday following a report by the Auditor-General for the Federation, Shaakaa Kanyitor Chira, which raised concerns over the inability of the Federal Government to provide sufficient evidence that N33.75 billion in cash transfers reached genuine beneficiaries.

The disclosure is contained in the AuGF’s 2024 Annual Report on Non-Compliance/Internal Control Weaknesses in Ministries, Departments and Agencies of the Federal Government.

According to Falana, the funds were intended for more than 3.29 million vulnerable households under the National Social Investment Programme.

He said the development was particularly concerning given the safeguards introduced by the Federal Government to strengthen the tracking of beneficiaries and prevent the inclusion of ghost recipients.

The National Social Investment Programme Agency (NSIPA) was established as a statutory agency under the National Social Investment Programme Agency Act 2022, with responsibility for implementing major social intervention programmes, including N-Power, the National Home-Grown School Feeding Programme, the National Cash Transfer Programme and the National Social Safety Net Programme.

Falana said the agency had, however, been plagued by allegations of financial impropriety involving some officials.

He recalled that former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, had been investigated by the EFCC over alleged money laundering involving more than N37.1 billion.

He also cited the suspension of former Humanitarian Affairs Minister, Betta Edu, following a December 2023 memo directing the transfer of N585 million in public intervention funds to a private bank account.

Falana said the then Chief Executive Officer of NSIPA, Halima Shehu, was also suspended and questioned over alleged suspicious movement of funds.

He said the EFCC should conclude its investigations into the various allegations and make its findings public.

“The Economic and Financial Crimes Commission should liaise with the Auditor-General of the Federation with a view to recovering the missing N33.75 billion,” Falana said.

He urged the EFCC to immediately investigate what he described as a serious allegation of the criminal diversion of funds earmarked for poor and vulnerable Nigerians.

“All the characters involved in the shameful conduct should be arrested and prosecuted without any delay,” he said.

Falana further raised concerns over the implementation of a $3.05 billion package of development programmes unveiled by President Bola Tinubu in July 2026.

The package, supported by the World Bank, is aimed at deepening poverty reduction, strengthening human capital and expanding economic opportunities across the country.

Falana urged the Federal Government to ensure that funds meant for poverty reduction reached their intended beneficiaries and suggested the establishment of a body comprising credible civil society organisations to oversee the disbursement of the development funds.

He said stronger accountability mechanisms were necessary to prevent public officials from abusing funds intended to support poor and vulnerable Nigerians.

….ADC presidential candidate position unrealistic •Leaders okay security rejig

Lagos State Governor Babajide Sanwo-Olu has said those campaigning for the return of fuel subsidy are resorting to populist politics that will ultimately fail.

The governor criticised politicians promising to restore petrol subsidy, arguing that any candidate assuring Nigerians of its return was simply building a campaign on empty promises that would end up deceiving voters.

He warned Nigerians against believing pledges that could not be sustained by the nation’s finances. NigerianPartnership Consulting

Former Vice President Atiku Abubakar reignited the debate over subsidy restoration when he commenced his campaign for the January 16, 2027 presidential election.

He is the presidential candidate of the African Democratic Congress (ADC).

Atiku said proceeds from subsidy removal had been mismanaged. But his roadmap for restoring the subsidy regime has been unclear and inconsistent. HireGrant Writers

Atiku has also said that, if elected, he would throw open Nigeria’s borders to allow cross-border businesses.

His claim that the borders are shut was faulted by Minister of Interior Olubunmi Tunji-Ojo, who said the borders are not closed.

Sanwo-Olu spoke yesterday when he delivered the seventh Freedom Online Newspaper Lecture in Lagos.

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The theme was: “2027 elections, economy, security and Nigeria’s future.” NigerianPartnership Consulting

The lecture was chaired by former Minister of Information and Culture, Alhaji Lai Mohammed, and attracted media personalities and political leaders who brainstormed on the state of the nation.

Former Ogun State Governor and Ogun East Senator, Gbenga Daniel, was the Special Guest of Honour.

Sanwo-Olu delved into the ongoing economic reforms, security matters and electoral reconfiguration being undertaken by the Federal Government, highlighting the gains and prospects for future growth. E-paperAccess

The Lagos governor observed that the fuel subsidy removal policy, which was introduced to tackle the shortcomings of local oil supplies stemming from inefficiencies at state-owned refineries, was not intended as a permanent intervention.

Sanwo-Olu said the subsidy policy had become a burden on the nation’s finances, draining the treasury and diverting funds that could have been invested in building roads, schools, hospitals and other infrastructure relevant to the wellbeing of the nation.

By taking the courage to end the corruption-ridden subsidy programme, the governor said President Bola Ahmed Tinubu made the sacrifice that previous leaders had avoided, despite the potential impact the action could have on his electoral fortunes.

Sanwo-Olu said: “The oil subsidy was not removed because anybody enjoyed removing it. It was removed because it had become a hole in the national purse through which the money for roads, schools and hospitals was draining away.

“The intervention was never reaching the ordinary motorist it was supposed to help. In the build-up to the 2023 elections, every major candidate promised to remove it.

“Only one of them was in a position to do it, and he did it on his first day in office.

“I will not stand here and tell you that oil subsidy removal has been painless. It has not.

“Lagosians particularly have felt it at the pump, at the market, and in the price of a bag of rice.

“Any governor who tells you otherwise has not been listening to his own people.

“But the measure of a reform is not whether it hurts. It is whether it heals. And the evidence that this one is healing is now arriving, quarter by quarter.

“Under President Tinubu, the states have had it very good. Since the subsidy was removed, the monthly allocations to states and local governments have more than doubled in naira terms.

“The President has done his part; the money is arriving. Barely two weeks into the season of presidential election campaign, opposition politicians have reached for the fuel subsidy as their instrument of choice.

“We will see more of this. We will see promises that no treasury on earth could honour.”

Sanwo-Olu said he strongly believed in the direction of the reforms initiated by the President to reset the economy and the socio-political system, pointing out that the reforms were already yielding positive outcomes in the areas where they were being implemented.

The governor said he remained convinced about the direction of the Federal Government’s economic reforms, citing improvements in economic growth, agriculture, services, external reserves, inflation and remittances.

Sanwo-Olu said President Bola Ahmed Tinubu’s economic and security reforms had set Nigeria on the path to recovery. NigerianPartnership Consulting

He urged voters to give the administration another term to consolidate the gains.

Sanwo-Olu said the economy and security would be the defining issues of the 2027 presidential election, arguing that neither economic growth nor national development could be sustained without security.

He said Tinubu’s reforms were necessary to rescue public finances and redirect resources to development.

Sanwo-Olu said recent economic indicators suggested that the reforms were beginning to deliver results.

He cited National Bureau of Statistics figures showing that the economy grew by 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter.

He also said Nigeria’s foreign reserves had risen to $53 billion, while inflation had fallen to 15.9 per cent in June from almost 35 per cent in late 2024. NigerianPartnership Consulting

Sanwo-Olu added that formal remittances from Nigerians abroad reached $947 million in July, describing it as the highest monthly figure recorded.

He added: “These are not my numbers. They belong to the Nigerian Bureau of Statistics and the Central Bank of Nigeria, and every journalist in this hall can check them.”

The governor said the APC would campaign on the need to sustain the reforms and ensure that their benefits reached Nigerians more quickly. NigerianPartnership Consulting

Sanwo-Olu said: “For us in the All Progressives Congress, the position that follows is a simple one.

“We intend to stay the course, to deepen the reforms, and to make sure that the benefits reach, quickly and visibly, the people who bore the cost.”

Sanwo-Olu argued that the economic and security crises confronting the country could not be treated separately.

He lauded the proposed establishment of state police, saying bringing security closer to communities would make policing more effective.

The governor urged the National Assembly and state Houses of Assembly to complete the constitutional process for state policing.

His position was supported by Senator Daniel and Alhaji Mohammed, who both stressed the importance of security to economic development.

Ogun State Peoples Democratic Party governorship candidate, Ladi Adebutu, called for transparent elections, adding that there could not be economic growth without adequate security.

Sanwo-Olu, who will not contest the 2027 governorship election because he is completing his second term, made clear his preference in the presidential contest.

He said: “I will not disguise my hope for the outcome. I expect my party to win, and I expect a second term for President Tinubu to consolidate the Renewed Hope Agenda.”

Senator Daniel said: “Nigeria cannot have a strong economy without security, and it cannot have lasting security without a strong economy.”

Daniel, who acknowledged that the nation was going through challenges, said they were not enough to define the country.

He added: “But Nigeria must not be defined only by its challenges. We possess enormous potential: a young population, a dynamic entrepreneurial culture, a growing technology sector, strong financial institutions, a vibrant creative economy and businesses succeeding across Africa. NigerianPartnership Consulting

“Our challenge is to create the conditions in which Nigerian ability can flourish at scale. Those conditions include security, infrastructure and opportunity.”

Akinadewo, Editor-in-Chief of Freedom Online newspaper, said reforms should address insecurity and development challenges.

He said Nigeria must separate politics from governance and development, noting that “we have a four-year cycle of elections but pitiably, there is no four-year cycle of development.” NigerianPartnership Consulting

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He said the country needed to modernise its laws and security architecture to reflect contemporary realities, stressing that “we can’t continue to use the system adopted in the ’60s to govern Nigeria of 2026 and beyond.”

Akinadewo advocated state police and restructuring, arguing that decentralising security would improve understanding of local security challenges.