Title: Cabotage Vessel Financing Fund Disbursement and the Implications on Nigerian Seafarers
Authors: Echezona Chukwujekwu Davidson, Uzochukwu I. Ozumba, and Paul C. Ezinna, Ph.D
Volume: 10
Issue: 4
Pages: 201-206
Publication Date: 2026/04/28
Abstract:
Nigeria Cabotage Act 2003, the basis of Cabotage Vessel Financing Fund (CVFF) is critical to economic and national security. It requires that domestic sea transportation be conducted by Nigeria-built, owned, crewed and flagged vessels. The essence is to maximize the potential of Nigerian marine and blue economy. After over two decades of delayed disbursement of the CVFF to shipowners, the Federal Government of Nigeria on April 15, 2025, through the Ministry of Marine and Blue Economy ordered Nigerian Maritime Administration and Safety Agency (NIMASA), the fund manager, to disburse the funds to shipowners by August, 2025. The aim of the study is to determine the implication of the disbursement of CVFF on Nigerian seafarers. The study adopted observation and documentary research approach and leveraged on the Concept of Economic Security as the framework of interpretation for the study. Consequently, the study discovered that the disbursement of the CVFF will enhance the sea-time opportunity of seafarer trainees (maritime cadets) and boost their experience, certification and employability for the realization of the Nigerian blue economy potential.