Sealink Project To Ease Maritime Operations


The Nigeria Export Import Bank (NEXIM) says the introduction of the 60 million dollar Regional Sealink Project, would unlock opportunities in the maritime sector, through indigenous participation.
The Managing Director of NEXIM, Mr Roberts Orya, made this known  in an interview with  newsmen, recently.
The Sealink project is an initiative modelled in support of ECOWAS Treaty and is designed to facilitate intra-regional trade, expand formal trade as well as deepen the payment system within the region, among others.
It is in conjunction with the Federation of West African Chambers of Commerce and Industry (FEWACCI) and is expected to commence within the next three years.
He said that NEXIM Bank in collaboration with Transimex S.A. Cameroun, would be hosting a Sealink Investment Forum in Ghana beginning today to facilitate its establishment.
According to him, participants in the forum will include representatives of various governments of member-countries, ECOWAS Commission and other nationals.
Others, he said, include select financial institutions, investment companies, high net worth individuals and key maritime/logistics stakeholders.
“The proposed establishment of the regional sealink project has some inherent national benefits such as minimising increases in freight rate payment annually in country.
“It will also stimulate maritime-related employment as well as capital flight of an average of five billion dollars annually from import and export,” he said.
Orya said that the project would facilitate the realisation of the various Maritime-related laws such as the Cabotage and NIMASA Acts and the implementation of the National Shipping Policy.
He said that it would also attract private sector funding for the development of key maritime infrastructure with the national benefit of improving the level of intra-regional formal trade.
This, he said, would enhance the contribution of trade and exports to the Gross Domestic Product (GDP) as well as enhance government’s revenue collections.
“It will provide immediate impact to the amelioration of basic road/rail infrastructure deficit challenges that affect regional integration.
“It will also provide a major cause for the muted growth of the intra-African and ECOWAS trade levels of about 10 to 12 per cent,’’ he said.
He also said that the project would enable NEXIM and other export-financing institutions to achieve projected credit growth to improve intra-regional trade level of 12 per cent to a minimum of 15 to 20 per cent annually.