The Bank of Industry (BOI) said it has disbursed $82m to woo investors in the maritime industry, especially in the area of ship acquisition and support for companies that are involved in ship repairs.
While adding that the sum was from a $200m fund under Nigeria Content Intervention Fund, Managing Director of the bank; Mr Kayode Pitan, also invited the Nigeria Maritime Administration and Safety Agency (NIMASA) into a partnership in the management and disbursement of the agency’s Cabotage Vessels Finance Fund (CVFF).
The BOI boss said this recently in Lagos at the maiden edition of Nigeria Maritime Finance Fair, organised by Association of Maritime Journalists of Nigeria (AMJON) in Lagos.
Pitan , who was represented by Victor Agina said added that the funds provided have created 3,117 direct and indirect jobs across the country.
Pitan explained to maritime stakeholders that company that have about 51 percent Nigerian citizens’ equity that source at least 40 percent of their raw materials locally are eligible for the bank's loans.
Also speaking at the event, Director General of NIMASA; Dr Dakuku Peterside reiterated his agency's commitment to ensuring the end of waiver regimes within its earlier stipulated timelines.
Dakuku who was represented by NIMASA’s Director in charge of Cabotage Services , Victor Egejuru said efforts were 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 on-going amendment in the Cabotage Act.
Peterside expressed optimism that the ninth National Assembly will expedite action on the legislation
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