The Bank of Industry (BoI) had invested the sum of $82 million in the maritime sector. 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).
Speaking at the event, the Managing Director, BoI, Kayode Pitan, who was represented by Mr. Victor Agina explained 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 bank 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, Mr. 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 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.