FG to adopt new ship finance model

Minister of Transport, Rotimi Amaechi has pledged the commitment of the Federal Government to adopt resolutions reached at the proposed Nigeria Ship Finance Conference.
  Speaking at a pre-event dinner in Lagos, Amaechi said: “I assure you that whatever decisions come out of this ship finance conference, I will present it to the President and ensure that we progress with it to benefit the maritime industry in Nigeria.”
 In a goodwill message, Dr. Dakuku Peterside, Director General of the Nigerian Maritime Administration and safety Agency (N IMASA), said the ship finance summit is at the heart of the agency’s operations, adding that discussions will focus on vessel acquisition.
 Dakuku said: “This conference will constitute a roadmap to get more Nigerians to access funds for ship acquisition, and NIMASA is particularly pleased because it is about one of the critical things for shipping development.”
  Speaking in a similar vein,  Dr. Seconte Davies, the Executive Director, Marine and Operations of the Nigerian Ports Authority (NPA) urged the conference to come up with resolutions that will address the need for ships to fly Nigerian flag.
  According to Davies, new business inroads are bound to open to Nigeria’s maritime industry if, and when Nigerians are able to acquire ships and fly the Nigerian flag.
 On her part, Mrs Margaret Orakwusi, President of the Shipowners Forum, called on banks and other financial institutions to play active roles in the drive towards a workable ship finance model.
 Orakwusi said: “I hope we will hear from the banks and other financial institutions because what we need is funding to bring back Nigerian fleets.
“It is all about working to ensure that Nigerians have sea-going vessels that can engage in world-class business, and particularly provide Nigerians with fish for protein needs.”
 The Managing Director of Xcellon Capital Advisors, Dr. Chamberlain Peterside, upheld the importance of the dinner as a precursor to the ship finance conference, for setting the pace for the discussions.
Peterside also described the conference as ‘very critical’ in addressing a key issue that lies at the center of developing the shipping sub-sector of Nigeria’s maritime industry.