NEXIM Bank set to boost regional trade following survey, navigational charts of River Niger
By Habeeb Adamu
The Nigeria Export-Import Bank (NEXIM), an export credit agency which focuses on the development and expansion of the non-oil sectors of the Nigerian economy, said its efforts to develop regional trade, and promote bulk movement of commodities through the Nigerian waterways has received a boost, following the successful survey and navigational charts of the lower River Niger in Abuja.
The survey and charting, which was jointly undertaken by hydrographers of the Nigerian navy and Nigerian Inland Waterways Agency (NIWA), with financing support from NEXIM and Afreximbank, is aimed at ensuring navigational safety of the lower River Niger to enhance hinterland and coastal trade.
Speaking at the launch of the initiative held in Abuja, Abba Bello, managing director/chief executive of NEXIM Bank, said the Nigeria Export and Import Bank is a trading banking system, which had deliberated policy initiatives to bridge maritime infrastructure links towards gloomy logistics cost to foster trade with the promotion of regional sea link projects.
“As a special purpose vehicle under a public-private-partnership framework, Sealink essentially aims to enable the Bank to significantly broaden the national export basket,’’ he said.
Bello also pointed out that as a Special Purpose Vehicle (SPV) under public-private-partnership framework, Sealink essentially aims to enable the bank to significantly broaden the national export basket.
According to him, the cessation of the use of the Burutu port in the mid-1970s substantially led to a considerable level of disuse of the river channel for mercantile trade, leading to the siltation of the channel over the years that resulted in navigational challenges.
This, he explained, informed the decision of NEXIM to partner with Afreximbank, the Nigerian Navy and NIWA to undertake the survey/charting exercise.
Benedict Oramah the president of Afreximbank, who was represented by Remigius Nwachukwu, the bank’s regional manager, commended NEXIM, the Nigerian Navy and NIWA for supporting regional trade in Africa. He also reiterated Afreximbank’s commitment to provide support to stern investors with bankable projects to take advantage of emerging business opportunities in the marine logistics sector.
Also speaking at the event, Shamsuna Ahmed, minister of finance, budget and national planning, who was represented by Mohammed Ali, director, home finance, explained that the adoption of regional sealink projects by the ministry is part of its ministerial initiatives to promote and attract private sector investments in maritime logistics infrastructure.
On his part,Jaji Sambo, minister of transport, affirmed the ministry’s commitment to the successful attainment of the overall objective of the project in line with the federal government’s vision for the holistic and sustainable development of the maritime sector and the Inland waterways.