By Samson EchenimThe 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 facilitiesHe 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.
West African cocoa producers to boost local consumption as global market prices fall
OPEC needs to consider political risk pushing up prices- IHS Markit
‘Off-grid renewable energy not so much to displace oil and gas, but cabling of power’
Oil prices gain on anticipation of U.S. sanctions on Iran amidst global demand
Gold rises as dollar weakens against yen
Gold prices drop, could slide further as dollar continues to rise
AU leaders endorse Dangote, Aig-Imouhkuede championed Africa Business Coalition for Health
Buhari’s systemic decimation of judicial supremacy in Nigeria scaring away foreign investors – Ekpo,...
Oil hovers around six-month high as U.S. stocks rise
India offers NNPC infrastructure credit line as Nigeria commits to supply 10% of country's crude oil...
Frontpage February 14, 2018