Maritime Finance Fair: Bank Of Industry Reaffirms Stance In Partnering With Maritime Operators.

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…Disburses $82m For Ship Procurement

The Managing Director of Bank of Industry, Mr Kayode Pitan has reiterates the stance and commitment of the parastatal  to support operators and agencies operating in the maritime industry for effective capacity building and economic growth.

Mr  Kayode Pitan   made this known in Lagos at the maiden edition of Nigeria Maritime Finance Fair organised  by the Association of Maritime Journalists of Nigeria (AMJON).

 The MD  who was represented by Victor Agina also disclosed that BOI has disbursed $82m to some indigenous investors in the country for the purchase of vessels and support of companies involved in ship repairs and allied investments from a $200m fund under Nigeria Content Intervention Fund (NCIFUND).

Noting that government owned banking institution would solicit support from the maritime operators, urging them to take advantage and opportunities that exist in Bank Of Industry while  stressing that the funds provided have created 3,117 direct and indirect jobs across the country.


 Urging the Nigeria Maritime Administration and Safety Agency (NIMASA) to partner 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.

 The MD also added that borrowers under the NCIF scheme are entitled to loan facilities with a five year tenure inclusive of one year moratorium.

 Speaking at  the event, Director General of Nigeria Maritime Administrative and Safety Agency (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 Director in charge of Cabotage Services , Victor Egejuru said efforts are being made for upgrading of existing shipyards and support for new shipyard facilities, added that the delay in disbursement of CVFF also has to do with ongoing amendment in the Cabotage Act and expressed optimism that the ninth National Assembly will expedite action on the legislation

Earlier speaking during his opening remark, President of AMJON, Paul Ogbuokiri called on the FG to ensure diversification of the economy seeking the commercial banks to finetune their operations to fashion out long term funding packages which is what the sector needs to grow.

In his words ” Why we expect the federal government to provide single digit development fund for the investors, we call on NCMDB to extend it current development finance funding to the maritime industry of its local content development mandate.

 Ogbuokiri urged BOI to leverage on its competencies and help finance Small Medium Enterprises that are expected to emerge as a result of NIMASA plan to end cabotage waivers in the next five years.

The fair which was a two day events, had stakeholders drawn from the public and private sectors of the maritime industry.

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