BoI Disburses $82M For Ship Procurement, Repairs

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Bundles of Naira notes of various denominations
By; RAYMOND TEDUNJAYE, Lagos
No fewer than $82M has been disbursed out of the $200M fund under the Nigeria Content Intervention Fund by the Bank of Industry (BOI) to some indigenous investors in the country for the purchase of ships and support of companies involved in ship repairs and allied investments.
The Managing Director of BoI , Kayode Pitan,  made the disclosure  on Tuesday in Lagos at the maiden edition of Nigeria Maritime Finance Fair in Lagos.
Pitan, who was represented by Victor Agina hinted 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 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.
Peterside expressed optimism that the 9th 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.

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