• Thu. Jun 8th, 2023

Afreximbank Provides $350K Funding for Nigeria Inland Waterways Development

ByJustice Godfrey Okamgba

Mar 27, 2023

The African Export-Import Bank (Afreximbank) has given Nigeria a $350,000 grant for the development of inland waterways along the Lower Niger River.

The fund was provided for the project in a deal with the Nigerian Export-Import Bank (NEXIM), the Federal Ministry of Transportation, and the Nigerian Navy, according to a statement issued by the bank.

The project is expected to increase intra-African trade by facilitating the movement of goods via navigable waterways in Nigeria.

Mr. Mu’azu Sambo, Minister of Transportation, unveiled the Navigational Charts of the Lower River Niger on March 16, 2023, marking a significant milestone in the quest to unlock the enormous potential in transportation on Nigeria’s inland waterways.

The Charting project was made possible by an Afreximbank grant in recognition of the importance of inland and coastal waterways transportation to the bank’s mandate of promoting intra-African trade.

Mr. Sambo praised Afreximbank’s support through the grant and emphasized the importance of water transportation as the most environmentally friendly mode of transportation with significant economic benefits, citing the United States of America as an example, where 60% of agricultural produce is moved via inland waterways.

He commended the efforts of all the parties involved in the activity and committed to progressing the subsequent activities involved to make the movement of goods on the lower River Niger from the hinterlands to the coastal lands possible.

Afreximbank’s Manager Trade Finance, Anglophone West Africa, Mr. Remigius Nwachukwu, commended the leadership and vision of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank towards the realization of this project which falls clearly within the ambit of the mandate of Afreximbank in promoting, facilitating and financing intra- and extra-African trade.

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Afreximbank noted that existing African infrastructure was designed to carry African commodities to the global markets and not to facilitate intra-African trade.

In this context, the bank decided to support the development of the maritime sector including inland waterways to ensure efficient and cost-effective routes to facilitate intra-African trade under the African Continental Free Trade Agreement (AfCFTA).



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