BoI shipping finance total outlay hit $82m

Amid quiet murmuring from some segments of the maritime and shipping development  sector, the Bank of Industry (BoI) has facilitated investment financing to the tune USDollar82 million.
Management of the bank which dropped the hint yesterday in Lagos said the loan facilities were given to some indigenous investors in the country for the purchase of ships, ship repairs and allied investments, from the $200m fund provided by the Nigeria Content Intervention Fund.

Managing Director of BoI , Kayode Pitan, who was speaking at the maiden edition of Nigeria Maritime Finance Fair held Lagos added that the financial window have created 3,117 jobs across the country. Pitan who was represented by a principal manager in its Oil and Gas Group, Mr. Victor Agina, urged the Nigeria Maritime Administration and Safety Agency (NIMASA) to partner with it in the management and disbursement of its Cabotage Vessels Financing Fund (CVFF).

Pitan explained that stakeholders with 51percent indigenous equity holding in any maritime company are qualified to source 40percent of their raw materials loan facilities from BoI, adding that under the NCIF scheme, Nigerian players in the shipping sector are eligible to loan facilities with a five year tenure inclusive of one year moratorium.
Also speaking at the event, Dr. 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, Mr. Victor Egejuru said efforts are ongoing to upgrade the nation’s existing shipyards and also to create support for the actualization of new shipyard and allied facilities.
The NIMASA boss explained that it was not responsible for the delay in the disbursement of the CVFF, citing ongoing amendment in the Cabotage Act. This is even as he expressed optimism that the ninth National Assembly will expedite action on the legislative review which will remove any further bottlenecks.
The fair which was organised by the Association of Maritime Journalists of Nigeria (AMJON), also had stakeholders drawn from the public and private sectors.