Nigerian Export-Import Bank (NEXIM) has urged maritime industry operators to key into its plans to execute a $60 million Regional Sealink Project connecting West and Central Africa.
Strategy and business development manager of NEXIM, Folashade Aluko stated this at a recent maritime industry event organized by the Women’s International Trading Association (WISTA) Nigeria
She said the bank is carrying out the project in partnership with Nigerian Association of Chambers of Commerce, Mines and Agriculture (NACCIMA) and the Federation of West African Chambers of Commerce and Industry (FEWACCI).
Aluko urged maritime operators to key into the project, saying that NEXIM is also committed to growing the non-oil sector by providing easy and cheap funds for local enterprises and coordinators of goods and services.
The purpose of the Sealink project is to foster indigenous participation in the maritime sector through minimizing of freight rate payment capital flight of the average of $5 billion annually
She said “For us at NEXIM, we are committed to growing the non-oil sector by providing easy and cheap funds for local enterprises and coordinators of goods and services. In most cases we know that access to cheap capital is a critical issue, in this case, NEXIM is coming up with NACCIMA and the federation of West African commerce and industry to come up with a sea link to bridge the infrastructural gap in the sector, very soon it will come onboard and everybody will enjoy it”
“We also have a special intervention fund for women, it is under single digit”
The sealink project is expected to commence within the next three years of complete operation. The project will cut across West and Central Africa, providing immediate impact to the amelioration of basic road infrastructure which has slowed African and ECOWAS trade levels by 20 percent.
“The total project cost is estimated at 60 million dollars with 36 million dollars to procure vessels, equipment, office space and other infrastructure. $24 million will be the working capital to cover the general and administrative expenses, summarized as equity of 36 million dollars and debt financing of 24 million dollars”.
The NEXIM official also disclosed that the project would make Nigeria a maritime hub for West and Central Africa and enable NEXIM achieve its planned revenue growth by improving intra-regional trade levels to about 15 per cent annually.
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