• Wednesday, November 29, 2023
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NEXIM Bank, FEWACCI to invest $60m on ship acquisition


Determined to tackle the issue of high intra-regional freight cost as well as the delay in cargo delivery experienced by shippers, the Nigerian Export-Import Bank in partnership with the Federation of West African Chambers of Commerce & Industry (FEWACCI) are concluding arrangement to acquire three new oceangoing cargo vessels.

The new ships, which will be used for setting up of a shipping line known as Regional Sealink Project, is expected to gulp the estimated sum of $60 million, and will be deployed to service and transship seaborne cargoes within West and Central African countries.

Speaking at a one-day sensitisation/pre-investor forum on the proposed Regional Sealink Project for West and Central Africa, Roberts Orya, managing director of NEXIM, said that a total sum of $36 million, which will be used for ship acquisition, equipment, office space and other infrastructure would be funded on equity basis while the remaining $24 million that covers general and administrative expenses will be funded on debt financing.

The destination ports and market include Freetown-Conakry-Bissau-Banjul-Dakar; Contonu-Calabar-Douala-Libreville and Libreville-Dakar, said the NEXIM boss.