Ten local shipping firms have benefitted from the $360 million Nigerian Content Development and Monitoring Board (NCDMB) intervention fund domiciled at the Bank of Industry (BoI).
Speaking at Maritime Roundtable Breakfast Meeting in Lagos, General Manager, Research, Statistics and Development, NCDMB, Mr. Silas Ajimijaye said that since the fund is being managed by BoI, the default rate has been very low as more beneficiaries access the loan and pay back on time.
“What I know is that not less than 10 Nigerian shipping companies have accessed that facility. A good example is Starz Marine Investment and they said they are very happy with what NCDMB has done to help them as a company.
“It is not only them, there are several others we are working with, you know the fund keeps growing, it is a loan but it is a single digit interest loan. So the facility could be much more because as people are using it, they are paying back.
“If you want specific figures, we can collaborate with you. Mind you this fund is being managed by BoI and every now and then, they provide reports to show the progress of the intervention.
“That data is available. If it is useful to you, you can ask BoI, and the interesting thing is that BoI has done excellent work in management of the fund. The default rate is very low unlike the conventional banking loan”, the NCDMB official said.
He added that “In our law, the Act allows us to collaborate with other relevant government agencies to deepen local content which we are doing with the Cabotage law to ensure compliance with the law. There is also the Nigerian Content Plan, NCP, which has to be in every contract arrangement, you have to ensure what will be in such a contract for Nigerians and how Nigerians can take over such contract jobs in the long run.
“Even with the vessels, in the manning, you have to show how you make Nigerians understand your system and integrate Nigerians into your system.”
