In its capacity as a systemically significant and market-failure bank for Africa, the African Export-Import Bank (Afreximbank) has given Nigeria a grant of $350,000 in order to facilitate the movement of products utilizing navigable rivers in the nation.
According to a statement released on Monday, Afreximbank used its collaboration with the Nigerian Export-Import Bank (NEXIM) to offer the nation the financial assistance.
In this regard, a significant step was recently made in the effort to realize the enormous potential for transportation on Nigeria’s inland waterways with the release of the Navigational Charts of the Lower River Niger by the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, with the support of the Minister for Transportation, Mr. Mu’azu Jaji Sambo.
In a statement released on Monday, Afreximbank stated: “The grant from Afreximbank in recognition of the importance of interior waterways transportation and, by extension, coastal waterways transportation, to its mandate of boosting Intra-African commerce, made the Charting project possible.”
Sambo applauded Afreximbank’s support through the grant and reemphasized the value of water transportation as the most environmentally friendly mode of transportation with substantial economic benefits, citing the United States of America as an example, where 60% of agricultural produce is transported via inland waterways.
In order to enable the passage of products on the lower River Niger from the hinterlands to the coastal areas, he praised the efforts of all the parties participating in the activity and pledged to advance the succeeding actions
Afreximbank was represented at the event by Mr. Remigius Nwachukwu, Manager, Trade Finance, Anglophone West Africa. He praised Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, for his vision and leadership in realizing the project, which is clearly within the scope of Afreximbank’s mandate to promote, facilitate, and finance intra- and extra-African trade.
Afreximbank also pointed out that the continent’s current infrastructure was built to transport African goods to international markets rather than to enable trade inside Africa. To ensure that there are efficient and affordable routes to allow intra-African trade under the African Continental Free Trade Agreement, Afreximbank agreed to support the development of the marine industry, including inland waterways (AfCFTA).
The release of the nautical charts comes after the completion of a maritime survey and charting project by the Sealink Consortium, the Nigerian Navy, the Nigerian Inland Waterways Authority (NIWA), and Neximbank, which was funded by an Afreximbank grant. An entirely indigenous crew from the Nigerian Navy and NIWA worked on the navigational charting.
“The Regional Sealink Project is a trade facilitation program aimed to fill a significant infrastructure gap in logistics in order to facilitate and expand operations on inland and intracoastal waterways.
“The charts serve as a starting point for developing a fully developed navigable channel and contain information on navigable and restricted parts of the river channel.
“The Charting covers a distance of 456 kilometers from Jamata, Lokoja to Burutu, and it has been certified by the International Center for Electronic Navigational Charts after it satisfied IHO requirements. Although some more work like dredging and removal of identified wrecks are still expected to be done on the channel, navigational activities can commence with the use of the Charts which Mariners can obtain from the International Centre for Electronic Navigational Charts either in hard copy or electronic form,” the statement added.
