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NEXIM granted US$302,000 for maritime project in Nigeria

(Left) Suleiman Shuaibu, acting DG of the Directorate of Technical Cooperation in Africa (DTCA), Ousmane Dore, resident representative, African Development Bank Group, Nigeria country office; and Roberts Orya, CEO of NEXIM. (Image source: NEXIM)

The Nigeria Export-Import Bank (NEXIM) has signed an agreement for a financial grant worth US$302,000 under the Nigerian Technical Cooperation Fund (NCTF) to establish a regional maritime company

The company, named The Sealink Project, is being established to promote inter and intra-Africa trade, foster regional integration and economic growth in West and Central Africa, stated NEXIM officials.

Roberts Orya, CEO of NEXIM Bank, said, “The release of a financial grant to NEXIM Bank under NTCF, which is managed by African Development Bank (AfDB), is an attestation of the confidence the Nigerian government as well as other key stakeholders in our commitment, especially through the Sealink Project to facilitate the free movement of persons, goods and services within sub-regions of West and Central Africa.”

The Nigerian government is following a transformational policy on trade and transport, and the establishment of The Sealink Project is in line with the same policy.

The grant would be used to conduct feasibility studies on the maritime project, in order to extend it to the Economic Community of Central African States (ECCAS), enhance promotional activities, assist in development of human capital and corporate governance structure of the Sealink Promotional Company Limited (SPV). SPV, which was established to ensure the implementation of the project, is being promoted by the Federation of West African Chambers of Commerce and Industry (FEWACCI), NEXIM and Transimex.

Orya said that the project’s promotional phase and capital raising exercises are ongoing with a pilot implementation phase expected to commence in Q2 2015. Complete implementation of the project would be initiated by Q4 2015.

Project officials stated that the Sealink Project is a private sector-driven project and that NEXIM Bank is facilitating its establishment in line with its mandate to promote and deepen non-oil sector export trade in the country. Once completed, the Sealink project is expected to improve current low level of export trade between Nigeria and other countries within the ECOWAS and ECCAS sub-regions, they added.

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