Nigeria is finally putting its seafarers to work, with a massive 7,059 individuals now on vessels gaining the sea-time experience they desperately need. Minister of Marine and Blue Economy, Adegboyega Oyetola, stated this is a key part of the Nigerian Seafarers Development Programme (NSDP).
The same programme has seen 135 cadets successfully complete their training and earn their Certificates of Competency, meaning they're now qualified to work on ships. It's not just about getting them on board; Oyetola also announced that 222 seafarers have been trained for free in both basic and advanced professional courses. On top of that, another 333 cadets have bagged university degrees after finishing their academic training.
The story isn't just about the seafarers. The minister also directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to get cracking with the 12 approved Primary Lending Institutions. Their job is to speed up the disbursement of the Cabotage Vessel Financing Fund (CVFF). This fund, which has been stuck for over two decades, is meant to help Nigerian shipowners buy modern vessels and grow their businesses.
Oyetola is determined to get this fund moving and unlock new investments and jobs in the maritime sector. He mentioned that NIMASA has already received 92 funding applications. Of these, 20 have been sent to the banks, and one has even been forwarded for approval. This whole initiative has the potential to create more than 30,000 jobs, both directly and indirectly, across shipyards, engineering firms, and logistics companies. It's all part of a plan to build up Nigeria’s own shipping and shipbuilding capacity.
The push to finally release the CVFF, which has been a source of frustration for Nigerian shipowners for years, got the green light from President Bola Tinubu himself. The goal is simple: help local maritime operators get the financing they need and unlock the economic power of Nigeria’s blue economy.
The process has been picking up steam. In April 2025, Oyetola told NIMASA to start the ball rolling on the CVFF disbursement. Things are happening. The CVFF Application Portal was launched in Lagos on January 22, 2026. This created a clearer, more organised way for eligible shipowners to apply for funds. To make sure things move even faster, the number of banks involved in lending the money has been bumped up from five to 12.
The CVFF is supposed to offer loans with low interest rates and long repayment periods. The idea is to help Nigerian shipowners compete better for profitable shipping contracts. This will allow them to rely less on foreign ships and keep more money within the country’s economy. Beyond just financing ships, the government is also investing heavily in training and supporting Nigerian seafarers. They're making sure seafarers have the skills and opportunities to thrive in the maritime industry.
It's all about building a strong local maritime workforce that can really benefit from the opportunities the blue economy offers.