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Amaechi
Minister of Transportation, Mr. Rotimi Chibuike Amaechi

Amaechi meets AEI bank, others for loan to float new national carrier

If observed body language is anything to go by, indications are clear that the Minister of Transportation, Mr. Rotimi Amaechi is currently talking with the African Export-Import Bank as well as other international funding organisations for loan to secure the 60% stake of Nigerian ship owners in the proposed new national carrier.

The Minister had led a delegation of Nigerians including ship owners and other maritime experts to sign a Memorandum of Understanding (MOU) with Pacific International Lines (PIL) on the proposed fleet.

In the agreement, Nigerian ship owners are to own 60 percent stake of the joint venture while PIL will own 40 percent.

Already, there are fears of the inability of Nigerian ship owners to come up with the 60 percent equity of the joint venture and this may have forced the minister to shop for fund.

Before the U-Turn by the federal government on the advice of former President Olusegun Obasanjo not to fund any new national shipping line, the Minister had during a stakeholders meeting in Lagos assured of government’s readiness to single-handedly flaot a new national carrier.

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