BOI has $200m Fund to Disburse to Maritime Investors -MD

By Innocent Orok

The Bank of Industry (BOI) said it has $200m fund out of which it has already disbursed a total of  $82m to some indigenous investors in the country for the purchase of ships and support of companies involved in ship repairs and allied investments.

The amount according to the BoI is from its $200m fund under Nigeria Content Intervention Fund.

The Managing Director of BoI , Kayode Pitan, said this in Lagos at the maiden edition of Nigeria Maritime Finance Fair organise by the Association of Maritime Journalists of Nigeria (AMJON)in Lagos State yesterday.
Pitan, who was represented by Victor Agina added that the funds provided have created 3,117 jobs across the country.

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

Pitan explained to maritime stakeholders that companies with about 51 percent Nigerian citizens equity that sources at least 40 percent of their raw materials locally are eligible for the bank’s loans.
He added that borrowers under the NCIF scheme are entitled to loan facilities with a five year tenure inclusive of one year moratorium.

Also speaking at the event, Dakuku Peterside, the Director General of Nigerian Maritime Administration and Safety Agency (NIMASA) 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 , Victor Egejuru 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 Cabotage Act legislation .