BOI Invests In Maritime Sector

LUCKY LAWAL

The Bank of Industry (BoI) has encouraged investors in the shipping line to come out for fund provided for investment for profitable purpose. The BOI has invested the sum of $82 million for the purchase of ships for indigenous investors in Nigeria.

The bank made this known during a two-day maiden edition of Nigeria Maritime Finance Fair organised by Association of Maritime Journalist of Nigeria (AMJON) with support of companies involved in ship repairs and allied investments from a $200m fund under Nigeria Content Intervention Fund held in Lagos recently.

Mr. Victor Agina, who represented the Managing Director, BOI Mr. Kayode Pitan, at the event said that the funds provided have created 3,117 jobs across the country.

He also charged the Nigeria Maritime Administration and Safety Agency (NIMASA) to partner the banks in the management and disbursement of its Cabotage Vessels Finance Fund (CVFF) for profitability purposes.

Pitan told maritime stakeholders that companies with about 51 percent Nigerian citizens equity that sources at least 40 percent of their raw materials locally are eligible for the loans by BoI.

He posited that borrowers under the NCIF scheme are entitled to loan facilities with a 5 year tenure inclusive of 1 year moratorium respectively.

Meanwhile, the Director General, NIMASA, Dr. Dakuku Peterside, reiterated his agency’s commitment towards ensuring the end of waiver regimes within its earlier stipulated timelines.

The NIMASA Chief Executive, who was represented by NIMASA Director in charge of Cabotage Services, Mr. Victor Egejuru, averred that efforts are being made for upgrading of existing shipyards and support for new shipyard facilities in the sector.

He explained the delay so far in disbursement of CVFF also has to do with ongoing amendment in the Cabotage Act.

Peterside, however, believes the 9th National Assembly will expedite action on the legislation

The fair also had stakeholders drawn from both the public and private sectors