BoI woos maritime operators; disburses $82m for ship procurements 

BoI also disclosed that it has disbursed $82m to some indigenous investors in the country for the purchase of ships and support of companies involved in ship repairs and allied investments from a $200m fund under Nigeria Content Intervention Fund (NCIFUND).

Managing Director of BoI, Kayode Pitan,  said this in Lagos at the maiden edition of Nigeria Maritime Finance Fair in Lagos.

Pitan, who was represented by Victor Agina, noted that government-owned banking institutions would solicit support from the  maritime operators, urging them  to take advantage and opportunities that exist in BoI

He also stressed  that the funds provided have created  3,117 direct and indirect jobs across the country.

He therefore urged the Nigeria Maritime Administration and Safety Agency (NIMASA) to partner the bank in the management and disbursement of its Cabotage Vessels Finance Fund (CVFF) .

Pitan explained to 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 bank’s loans.

He added that borrowers  under the NCI Fund scheme are entitled to loan facilities with a five year tenure inclusive of one year moratorium.

Also speaking at the event, Dakuku Peterside, NIMASA Director General reiterated his agency’s commitment to ensuring the end of waiver regimes within its earlier stipulated timelines.

Dakuku who was represented by NIMASA Director in charge of Cabotage Services , Victor Egejuru said efforts are being made for upgrading of existing shipyards and  support for new shipyard facilities

He added that the delay in disbursement of CVFF also has to do with ongoing amendment in the Cabotage Act.

Peterside expressed optimism that the ninth National Assembly will expedite action on the legislation

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

Similarly, Paul Ogbuokiri a maritime journalist, called on the government to ensure diversification of  the economy, calling on the commercial banks to finet-tune their operations to fashion out long term funding packages which is what the sector needs to grow.

He noted that “Why we expect the federal government to provide single digit development fund for the investors, we call on NCMDB to extend it current development  finance funding to the maritime industry of its local content development mandate.

He urged BoI to leverage on its competencies and help finance Small Medium Enterprises that are expected to emerge as a result of the resolve of NIMASA to end cabotage waivers in the next five years.