BoI Empower indigenous investors with $82m for Ship Procurements in maritime sector

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The Bank of Industry (BoI) has disbursed $82million 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 $200million fund under Nigeria Content Intervention Fund (NCIF).
Managing Director of BoI, Kayode Pitan, said this at the maiden edition of Nigeria Maritime Finance Fair in Lagos.
The Fair which was organised by the Association of Maritime Journalists of Nigeria AMJON, also had stakeholders from both the public and private sectors.
Pitan, who was represented by Victor Agina said  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 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, 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, 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.
Dakuku expressed optimism that the ninth National Assembly will expedite action on the legislation

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