February 27, 2015 – The Nigerian Export-Import Bank (NEXIM) said it has signed an agreement for US$302,000 financial grant under the Nigerian Technical Cooperation Fund (NTCF) managed by African Development Bank (AfDB)
The grant is to facilitate the establishment of a regional maritime company, The Sealink Project.
The objective of the Sealink Project according to the bank is to promote intra and inter- African trade, thereby fostering regional integration, economic growth and development in the West and Central African sub-regions, based on government’s transformational policy on trade and transport as articulated in the Regional Trade component of the New Trade Policy.
Speaking at the event, the Resident Representative for the African Development Bank (AfDB) Group in Nigeria, Mr. Ousmane Dore, reiterated AfDB’s commitment to promote infrastructure development in Africa as being in line with the Bank’s overarching objective to spur sustainable economic development, social progress and poverty reduction in the regional member countries (RMCs).
He explained that an innovative maritime initiative such as the Sealink Project would greatly assist in bridging the artificial boundaries that have hitherto prevented trade, economic integration and a seamless logistic services within the region.
He was particularly impressed that NEXIM deemed it strategic enough to enlarge the scope of the project to include the Economic Community of Central African States (ECCAS) region and expressed the hope that eventually the project would cover the entire region and enhance trade, free movement of persons, goods and services.
In his speech, Acting Director-General of the Directorate of Technical Cooperation in Africa (DTCA), Mr. Suleiman Shuaibu stated that the aim of his Directorate (which is under the Ministry of Foreign Affairs) is to enhance Africa’s development and integration by creating the enabling environment and opportunity for Nigerian professionals and indeed those of African descent to invest their immense intellect, expertise and skills in the economies of Africa towards bridging the widening economic and scientific gap between Africa and the rest of the world.
He said that the financial grant for the Sealink project is in line with the Directorate’s interest to facilitate cooperation and integration in Africa through the mechanism of technical assistance and better cooperation with other African countries, especially given Nigeria’s role as leader in Africa.
In his remarks, Mr. Roberts Orya, the MD/CEO of NEXIM Bank thanked the Directorate of Technical Cooperation in Africa (DTCA) and African Development Bank (AfDB) for the Nigerian Technical Cooperation Fund (NTCF) grant to NEXIM.
According to Mr. Orya, “The release of this financial grant of US$302,000 to NEXIM Bank under the Nigerian Technical Cooperation Fund (NTCF) (which is) managed by African Development Bank is an attestation of the confidence the Federal Government of Nigeria as well as other key stakeholders in our commitment, especially through the SEALINK Project, to facilitate the free movement of persons, goods and services within the West and Central African sub-regions.”
The US$302, 000 grant would be used to conduct further feasibility studies on the project to extend it to the Economic Community of Central African States (ECCAS), as well as enhance the Sealink promotional activities and assist in the development of human capital and corporate governance structure of the Sealink Promotional Company Limited (SPV) which was incorporated to facilitate the project implementation.
The SPV is being promoted by the Federation of West African Chambers of Commerce and Industry (FEWACCI), Nigerian Export – Import Bank (NEXIM) and Transimex, S. A. Cameroun.
Orya used the opportunity of the event to provide an update on the Sealink Project implementation and maintained that the Sealink is a private sector-driven project and that NEXIM Bank is only facilitating its establishment in line with its mandate, as the Trade Policy Bank of Nigeria, to promote and deepen non-oil sector export trade.
