Nigeria’s BoI disburses $82m for cabotage vessels procurements 

By Samson Echenim 

The Bank of Industry, BOI, says it has disbursed $82 million to some indigenous investors in the country for the purchase of ships and support of companies involved in ship repairs and allied investments from a $200 million fund under Nigeria Content Intervention Fund.

 Kayode Pitan, the bank’s managing director, said this in Lagos at the maiden edition of Nigeria Maritime Finance Fair.

Pitan, who was represented by Victor Agina, said the disbursement of the funds enabled the creation of 3,117 jobs across the country.

He also urged the Nigeria Maritime Administration and Safety Agency (NIMASA) to partner the bank in the management and disbursement of its Cabotage Vessels Finance Fund (CVFF) .

“Companies with about 51 percent Nigerian citizens equity that source at least 40 percent of their raw materials locally are eligible for the BoI loans.

“Borrowers  under the NCIF scheme are entitled to loan facilities with a five year tenure inclusive of one year moratorium,” he said.

Also speaking at the event, Dakuku Peterside, director general, NIMASA, reiterated the agency’s commitment to ensuring the end of waiver regimes within its earlier stipulated timelines.

Dakuku who was represented by Victor Egejuru, NIMASA director in charge of cabotage services, said efforts are 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 ongoing amendment in the Cabotage Act.

Peterside expressed optimism that the ninth National Assembly will expedite action on the legislation.

The fair, which was organised by the Association of Maritime Journalists of Nigeria (AMJON), also had stakeholders drawn from the public and private sectors.