BoI Woos Maritime Operators, Disburses $82m For Ship Procurements

The Bank of Industry BOI has reiterated it’s readiness to partner with agencies and operators from the maritime industry for capacity building and economic growth.

 

BOI also disclosed that it has disbursed $82m to some indigenous investors in the country for the purchase of vessels 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,put together by journalists under the auspices of Association of Maritime Journalists of Nigeria (AMJON).

 

Pitan, who was represented by Victor Agina ,noted government owned banking institution 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 also 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 NCIF 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 which was organised by the Association of Maritime Journalists of Nigeria (AMJON), also had stakeholders drawn from the public and private sectors

 

Similarly, President of AMJON, Paul Ogbuokiri called on the government to ensure diversification of the economic ,calling on the commercial banks to finetune 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.

 

The AMJON President urged BOI to leverage on its competencies and help finance Small Medium Enterprises that are expected to emerge as a result of the boom the resolve of NIMASA to end cabotage waivers in the next five years,it is expect to create.