The Nigerian Export-Import (NEXIM) Bank has disclosed plans to execute a US$60mn Regional Sealink Project to connect West and Central Africa
According a report in Nigerian newspaper Daily Times, NEXIM Bank managing director Robert Orya revealed the plan in Lagos and stated that the Federation of West African Chambers of Commerce and Industry (FEWACCI) would partner NEXIM on the project.
Orya said, “The purpose of the Sealink project is to foster indigenous participation in the maritime sector through minimising of freight rate payment.” He added that the project will cut across West and Central Africa, providing immediate impact to the improvement of basic road infrastructure which has slowed African and Economic Community of West African States (ECOWAS) trade levels by 20 per cent.
“The total project cost is estimated at US$60mn with US$36mn to procure vessels, equipment, office space and other infrastructure. About US$24mn will be the working capital to cover the general and administrative expenses,” he noted.
The NEXIM managing director also disclosed that the project will make Nigeria a maritime hub for West and Central Africa and enable NEXIM achieve its planned revenue growth by improving intra-regional trade levels to about 15 per cent annually.
