SOAN CVFF funding will help Nigerian shipowners compete with foreign operators as NIMASA launches the long awaited application portal

The Shipowners Association of Nigeria, led by its President Sunny Eja, has said improved access to the Cabotage Vessel Financing Fund will significantly strengthen the ability of Nigerian operators to compete with foreign shipping companies.

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Sunny Eja made the remarks last week at the official launch of the Cabotage Vessel Financing Fund application portal by the Nigerian Maritime Administration and Safety Agency in Lagos.

The SOAN President said the introduction of the digital application platform marks a decisive turning point for indigenous shipowners, describing it as a move that reflects transparency, accountability and structured access to long term funding.

Sunny Eja noted that SOAN CVFF funding access would allow Nigerian operators to acquire and modernise vessels, expand fleets and compete more effectively in coastal and inland shipping, while creating jobs for local seafarers and supporting national economic growth.

He said vessels remain the backbone of maritime trade and a critical driver of employment, adding that easier access to financing would also enhance local content participation and contribute meaningfully to Nigeria’s Blue Economy agenda.

The SOAN President commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Director General of NIMASA, Dr Dayo Mobereola, for what he described as a bold and overdue step towards empowering indigenous operators.

Sunny Eja stressed that the launch of the portal represents more than a digital upgrade, calling it a renewed commitment to unlocking the long dormant fund established under the Coastal and Inland Shipping Act to address the persistent challenge of affordable vessel financing.

He assured government agencies and stakeholders of the association’s full cooperation, while urging eligible shipowners to engage the process responsibly and uphold high standards of professionalism and compliance.

Also speaking at the event, the President of the Nigeria Shipowners Association, Sola Adewumi, praised President Bola Tinubu for providing leadership under the Renewed Hope Agenda and applauded the maritime ministry for repositioning the sector as a pillar of economic growth.

Sola Adewumi said the inauguration of the portal is a powerful milestone that demonstrates the Federal Government’s resolve to ensure the fund delivers tangible value through transparency and accountability.

He added that access to CVFF financing offers renewed hope for fleet expansion, vessel modernisation and job creation, noting that empowering indigenous shipowners strengthens the entire maritime value chain and retains more economic value within Nigeria.

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The Cabotage Vessel Financing Fund, established under the Coastal and Inland Shipping Act of 2003, was designed to support Nigerian shipowners through affordable financing, with the launch of the application portal aimed at ensuring smoother and more effective disbursement of the fund.