Mr. Rotimi Amaechi, Nigeria’s Transport Minister

Delegates from countries in the West and Central countries of Africa have who have been brainstorming and tinkering with ideas on how to further develop shipping and its ancillary businesses in the region by establishing a maritime bank may be heading back to their respective countries with sadness in their hearts as Nigeria’s Minister of Transportation, Mr. Rotimi Amaechi told them that Nigeria will not commit funds to the project for now.

While the Maritime Organization of West and Central Africa (MOWCA) had met severally on the possibility of establishing the bank, commitment by member countries has not been encouraging, prompting the minister’s insistence that unless two third of MOWCA member states sign up with funds for the project, Nigeria will not make any commitment.

The Minister said Nigeria is waiting for the acceptance of two-third of Member States to proceed with the Regional Maritime Development Bank project.

The minister of transportation, Rotimi Amaechi, disclosed Nigeria’s position when he declared-open the meeting of the MOWCA Committee of Experts on the Regional Maritime Development Bank Project and Interim Board of Directors on Tuesday in Lagos.

MOWCA had identified deficits in the development of indigenous participation in the regional maritime sector and associated value chain during its meetings. The body agreed at its general session to establish a maritime bank to enhance shipping in Africa and mandated Nigeria to take all necessary steps to bring the bank to reality.

Not pleased with responses from member states thus far, Amaechi said decision reached at the end of the Lagos meeting would not be taken to President Muhammadu Buhari until other member states indicate interest in writing to be part of the project.

In his words “Whatever decision we reach here is subject to approval and confirmation of every member state in writing. I will not convene whatever decision reached here to the President until I have the binding commitment of two-third of members of the organization because if we take it to the President and the President approves and every other person backs out, are we going to establish a maritime bank of Nigeria? And that is not the intention, the intention is to establish a maritime bank that cuts across West Africa and Central Africa”.

MOWCA members listed for the establishment of the Maritime Bank include Nigeria, Angola, The Gambia, Benin, Ghana, Sao Tome, and Principe, Cameroon and Guinea.

Others are Senegal, Cape Verde, Guinea-Bissau, Sierra Leone, Republic of Congo, Equatorial Guinea and Togo as well as Democratic Republic of Congo, Liberia, Cote d’Ivoire, Mauritania, Gabon, Mozambique, Burkina Faso, Chad, Niger, Central African Republic, and Mali.

The focus of the bank will be the growth and development of maritime in West and Central Africa with a view to raising debt and equity capital of US$850 million and US$150 million respectively.

Mr. Amaechi however insist that “Nigeria is going to sign and we are willing to make our contributions but we will not make those contributions until the two-third of the member states have accepted the decision and have agreed on a timeline to make their contributions” Amaechi said