FG Finally Releases $25m Loans to Help Nigerians Take Back Our Waters from Foreigners

In a massive victory for local businessmen in the maritime sector, the Federal Government has finally “unlocked” a multi-million dollar fund that has been sitting idle for over 20 years.

Starting this Thursday, Nigerian shipowners can now apply for up to $25 million each to purchase brand-new, world-class vessels. The announcement was made by the Minister of Marine and Blue Economy, Adegboyega Oyetola, who officially launched a new digital portal designed to handle the applications.

For years, Nigeria’s “Cabotage” law which says local ships should handle local trade was mostly a dream because Nigerian companies couldn’t afford the massive cost of buying ships. This allowed foreign companies to dominate Nigerian waters, taking jobs and profits abroad. By releasing this money, the government is essentially handing local operators the “keys” to compete on a global level.

“We are changing the narrative today,” Oyetola said during the unveiling in Abuja. He explained that the new digital system isn’t just about the money; it’s about transparency. In the past, the fund was often stuck in red tape and politics. Now, the entire process from application to approval will be tracked online to ensure only the most serious and qualified companies get the support.

The money, known as the CVFF, is actually “contribution money” that local shipowners have been paying into for two decades. The government is now partnering with several commercial banks to ensure the loans are disbursed professionally and, most importantly, paid back so other Nigerians can benefit in the future.

Beyond just buying ships, the government expects this move to trigger a “blue economy” boom. More Nigerian-owned ships mean more jobs for Nigerian sailors, more work for local shipyards, and less “capital flight” where Nigeria’s wealth is shipped off to foreign countries.

For the thousands of seafarers and investors who have waited since 2003 for this moment, the message from Aso Rock is clear: the era of watching from the sidelines is over.