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Rotimi Amaechi

Amaechi to explain how new ship funding Model’ll work in Lagos today

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After much criticism on why the nation failed to join other parts of the global maritime nation to celebrate World maritime Day last month, all is set for the Federal Government through the Ministry of Transportation and Nigerian Maritime Administration and safety Agency (N IMASA) to host shipping stakeholders for the event. The event is billed to take place at Eko Hotels, Victoria Island.

Findings by our correspondent on why Nigeria failed to celebrate WMD last month, revealed paucity of fund frustrated the initial plan as many of the players approached by government agencies for sponsorship ran away citing no business status in the ports due to the delisting of 41 items by the Nigerian Customs Service (NCS).

Even discoveries yesterday evening reveal that lack of funding will still affect today’s event as certain logistics were yanked off.

Minister of Transport, Rotimi Amaechi who recently pledged the commitment of the Federal Government to adopt resolutions reached at the proposed Nigeria Ship Finance Conference, said recently that “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 N IMASA, said the ship finance summit is at the heart of the agency’s operations, adding that discussions will focus on vessel acquisition.

He 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.”

Also contributing, 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.

He said 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.

 “I hope we will hear from the banks and other financial institutions because what we need are 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.


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