Agency wants single digit interest for maritime sector

The Nigerian Maritime Administration and
Safety Agency (NIMASA) is fostering the implementation of long-term
credit at single digit interest rate for both the manufacturing and
maritime sectors.

 

Dr Dakuku Peterside, Director-General of NIMASA, 
made the presentation at the 46th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria in Lagos.

 

The AGM has as its theme, “Promoting Manufacturing through Improved Port Infrastructure and Access to Long-term Credit Windows.”

 

Peterside, represented by Dr Maduka
Ozili, Assistant Director, Shipping Promotions, NIMASA, said long-term
credit would eliminate the huge overhead cost associated with
transportation of materials and enhance the operations of
the ports.

 

He said port infrastructure were capital
intensive with long period of return on investment, hence required
long-term credit to encourage investors.

 

He proposed a dedicated revolving fund for the development of infrastructure for the ports and the manufacturing sector.

 

He also said the government should
allocate space at highly subsidised rates at the ports for investors to
establish manufacturing plants.

 

“Designation of specialised ports and
berths for raw materials for manufacturing industries and finished
products for exports should be looked into.

 

“Moreso, investment in effective and
efficient intermodal and multimodal transport network and modern
technologies for cargo evacuation from and to the ports is necessary.