Maritime Bank will develop African economy – Amaechi

Abiola Seun    |   

Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, has said that Nigeria would proceed with the Regional Maritime Development Bank Project if only the two-third of member states accept the decision reached by the Maritime Organisation of West and Central Africa(MOWCA).

Amaechi disclosed this when he declared open  the meeting of MOWCA Committee of Experts on the Regional Maritime Development Bank Project and Interim Board of Directors on Tuesday in Lagos.

The member countries  of  the  Maritime  Organization  of  West  &  Central  Africa  having  identified  the  major deficit  in  the  development  of  indigenous  participation  in  the  regional  maritime  sector  and  associated value  chain,  had  via  a  resolution  at  an  annual  general  session  agreed  to  establish  a  maritime  bank focused  on  the growth  and  development in  West &  Central  Africa with  a view  to  raising  debt  and equity  capital  of  US$850,000,000.00  (Eight Hundred  &  Fifty  Million  Dollars  only)  and  US$150,000,000.00  (One  Hundred  &  Fifty  Million  Dollars  only) respectively. 

The  Federal  Government  of  Nigeria  via  the  Federal  Ministry  of  Transportation  (FMOT), was then  mandated  to  take  all  necessary  steps  to  bring  the  Bank  to  actualization.

According to Amaechi, any decision reached at the end of the meeting won’t be taken to Mr. President until other member States indicate interest in writing to be part  of the project which would develop the maritime sector in Africa.

“Whatever decision we reach here is subject to approval and confirmation of every member states in writing. I will not convene whatever decision reached here to the President until I have the binding of two-third of the members organisation because if we take it to the President and the President  approves and every other person backs out, are we going to establish a maritime bank of Nigeria? And that is not the intention, the intention is to establish a maritime bank that cuts across West Africa and Central Africa.

” Nigeria is going to sign for being part of that meeting and we are willing to make our contributions but we will not make those contributions until the two-third of the member States have accepted the decision and have agreed on a timeline which they will make their contributions.