The Nigeria Export-Import Bank (NEXIM) is currently working with the Nigeria Shippers’ Council (NSC), Nigerian Navy, National Inland Waterways Authority (NIWA) as part of measures to ensure smooth execution of the sub-Saharan regional shipping line project scheduled to begin in 2023 first quarter.
Speaking at the Finance Correspondents Association of Nigeria (FICAN) 2022 Annual Conference in Lagos, the Head, Strategy and Communication, NEXIM, Mr. Tayo Omidiji explained that the sub-Saharan regional shipping line, Sealink floated by a consortium would commence operations before the end of 2022 or the first quarter (Q1) 2023.
Explaining further at the event tagged;“Boosting Domestic Capacity for Sustainable Export Earnings,” Omidiji explained that Nigeria currently engages the service of foreign vessels to move goods outside the country, which is expensive and has a negative impact on its foreign exchange earnings.
He noted that reliance on foreign vessels increases cost and travel time as goods are first moved from Nigeria to the point of origin of the vessels and then to the final destination.
He said: “If we have our own shipping line, we can move our goods from other countries and bring them directly to Nigeria before moving to other countries.”
He noted that a lot had been done in terms of financing the project, though the Ebola epidemic, and inability to find a partnership agreement slowed it down.
Omioji added:“We later thought of further expanding the scope of the project. In addition to having a shipping project that allows moving our goods on international water, we also felt that we should also find scope in inland waterways.
“We need to do more in terms of infrastructure to move the goods from the cities to export destinations. We need to also develop our inland waterways. We can use barges to carry goods in the absence of port materials. That was why we were finding a scope in inland waterways.”
