Maritime Nigeria

Main Menu

  • Home
  • News
  • Interviews
  • Maritime Info
  • Photo Gallery
  • Fact
  • Profiles

logo

Header Banner

Maritime Nigeria

  • Home
  • News
    • Olomu Reenacts Zeal, Records Huge Revenue and Seizures

      Jul 4, 2025
      0
    • Compt Babatunde OLomu: Pragmatism, Innovation or Professionalism In Service?

      Jun 29, 2025
      0
    • PRESIDENT TINUBU CONGRATULATES CGC ON WCO Appointment

      Jun 29, 2025
      0
    • Maritime Stakeholders Excited By Ogbeifun's Appointment At NIMASA

      Jun 29, 2025
      0
    • WTO Salute Nigeria Customs For Operational Strides

      Jun 27, 2025
      0
    • Nigeria Celebrate Seafarers On Seafarers Day 2025!

      Jun 25, 2025
      0
    • NPA Under Dantsoho What Does The Charts Indicate?

      Jun 17, 2025
      0
    • IMO ELECTION: Nigeria Assures On Quality Representation

      Jun 17, 2025
      0
    • Maritime Development: Nigeria, Korea Deepen Collaboration

      Jun 16, 2025
      0
  • Interviews
    • Nigeria Takes Leadership Of MOWCA

      Nov 18, 2021
      0
    • APM Participates in UK Trade Expo

      Oct 31, 2021
      0
    • Reps Seek Admission at MAN

      Dec 7, 2020
      0
    • NIMASA URGE SHIP OWNERS TO RENEW CABOTAGE LICENSES

      Oct 5, 2020
      0
    • FG Sacks Aboloma As NAIC Gets New EDs

      Aug 28, 2020
      0
    • Britain Celebrate Nigerian In Covid Efforts

      Jul 26, 2020
      0
    • Zuckerberg Backs Trump Against Twitter

      May 28, 2020
      0
    • NAFDAC DG Sheds Light On Chloroquine, Herbals, Masks and Covid19

      May 12, 2020
      0
    • Reps Threaten MDAs

      Feb 24, 2020
      0
  • Maritime Info
    • 2023 POP: Minister Task Cadets On Blue Economy

      Dec 15, 2023
      0
    • Rector, Trainees Excited, Laud FG On Modern Academy

      Jan 26, 2023
      0
    • Buhari Redeploys Minister As NPA, NIMASA, MAN, Others Get New Boards

      Apr 7, 2022
      0
    • World Bank Endorse Nigerian Ports, Partners Navy On Capacity Building

      Mar 19, 2022
      0
    • NIMASA Commend Nigerian Navy, Reassures On Floating Dock

      Feb 9, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • shipping

      Singapore Strait Dangerous To Shipping-ReCAAP

      Jan 24, 2022
      0
    • Lekki Deep Sea Port Will Increase Port Efficiency-Amaechi

      Jan 24, 2022
      0
    • Fair Competition: NSC Partners FCCPC For Effectiveness

      Jan 21, 2022
      0
  • Photo Gallery
    • SERAP Calls for Probe of Entire Privatization Processes 1999-2011

      Dec 4, 2017
      0
    • IMO Election: South Africa, Kenya, Liberia, Morroco and Egypt Make Category C

      Dec 2, 2017
      0
    • Maersk Ship on Fire as Coy Launches Six Container Lifting Tech

      Nov 2, 2016
      0
    • Captured Seafarers Languish In Captivity without Ransom

      Nov 1, 2016
      0
    • Niger Delta: Militants Ask FG to Include Former Agitators in Negotiations

      Nov 1, 2016
      0
    • Self-Audit: NIMASA Set to Review 3% Freight Charge

      Nov 1, 2016
      0
    • Recession: Japanese Shipping Companies to Merge

      Oct 31, 2016
      0
    • NSC Partners ICS on Capacity Building

      Oct 31, 2016
      0
    • AGAIN, APAPA CUSTOMS SURPASS MONTHLY TARGET WITH N33B COLLECTION

      Oct 5, 2016
      0
  • Fact
    • Maritime Police Boss Celebrate Workers

      May 1, 2025
      0
    • “VIN Is A Trade Tool, Not Punitive”-Customs

      Mar 2, 2022
      0
    • Blackmailers, False Publishers and Their Agents: Court Clears Rector

      Feb 18, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • "APM Terminals Is Beyond Moving Boxes Around"-Laursen

      Jan 24, 2022
      0
    • MWUN: Welfare, Safety Our Priority-Adeyanju

      Dec 27, 2021
      0
    • Reversing the Trend: Koko Breaks Record at NPA

      Dec 24, 2021
      0
    • Minister Demands More From MAN At Passing Out Parade

      Dec 20, 2021
      0
    • MARITIME NIGERIA TASK NIMASA ON MARITIME DEVELOPMENT

      Dec 15, 2021
      0
  • Profiles
    • CMA CGM Brings AI Onboard

      Jun 5, 2018
      0
    • Customs Notify 577 Officers of Retirement by Eguono Odjegba

      Jan 12, 2018
      0
    • Over 100 Persons Feared Dead in Mediterranean Ship Wreck

      Nov 3, 2016
      0
    • Ballast Water: Panama Signs Up

      Oct 24, 2016
      0
    • Ist Half Report: Customs generate N385.7bn revenue

      Aug 15, 2016
      0
    • Minister/MD Speeches at the Launch of NPA's CCCIS

      Jul 23, 2016
      0
    • Face off Imminent as Dakuku Warn IOCs to Sit Up or Stay ...

      Jul 22, 2016
      0
    • Hadiza, Welcome to NPA

      Jul 16, 2016
      0
    • Habib Abdullahi Sacked Again from NPA

      Jul 12, 2016
      0
  • Olomu Reenacts Zeal, Records Huge Revenue and Seizures

  • Compt Babatunde OLomu: Pragmatism, Innovation or Professionalism In Service?

  • PRESIDENT TINUBU CONGRATULATES CGC ON WCO Appointment

  • Maritime Stakeholders Excited By Ogbeifun’s Appointment At NIMASA

  • WTO Salute Nigeria Customs For Operational Strides

News
Home›News›MOWCA, AFREXIMBANK Collaborate On Vessel Financing

MOWCA, AFREXIMBANK Collaborate On Vessel Financing

By Editor
Jun 19, 2023
868
0
Share:

Harps on AfCTA, Blue Economy

Dr. Paul Adalikwu, Secretary General, MOWCA.

Dr. Paul Adalikwu, Secretary General, Maritime Organisation of West and Central Africa (MOWCA) has commenced talks with Afreximbank to open ship financing and procurement of other maritime asset opportunities for African investors and maritime stakeholders.

After a virtual bilateral meeting between MOWCA and Afreximbank, both organisations agreed on the need to expand maritime business opportunities and strengthen the planned Africa-wide cabotage regime to boost investments and generate jobs.

Adalikwu, who told Dr. Gainmore Zanamwe, the bank’s Acting Director, Trade Facilitator & Intra African Trade about MOWCA’s efforts to achieve easy access to credit for maritime business, noted that all state-owned shipping lines established in West and Central Africa between 1975 and 1990 have ceased to exist.

According to Dr Adalikwu, seaborne trade is dominated by the giant shipping lines from Europe and Asia and the only profit Africa makes is the registration fees of their vessels in some member states and port fees when they call to discharge cargoes leading to capital flight. For the objectives of AfCTA to be realized, there must be African owned vessels plying the continent.

He further indicated that shipping needs the modernization of African ports, intermodal connectivity with other modes of transport, such as rail, road, pipeline and inland waterways and the development of dry ports to solve the problem of likely congestion

The SG informed the meeting of the task of transforming MOWCA to the African Maritime Organisation (AMO) and it’s ongoing partnering with African Development Bank (AfDB), Intergovernmental Standing Committee on Shipping (ISCOS) and the African Continental Free Trade Area (AfCFTA) and hopes to meet other regional bodies soon

He also observed the need for port infrastructural development financing for seamless movement of goods from the ports, just as there is the need to build inland dry ports and warehouses for landlocked countries for storage for import/export goods, hence looking up to Afreximbank for partnership.

On the benefits of developing the blue economy, the SG cited Kenya and Seychelles as countries that have leveraged on their ocean resources to create wealth and gainful means of livelihood for their women and youths through the blue economy and that MOWCA would wish to replicate this to other member States. This again, he said could be an area of partnership with the bank.

Adalikwu added that there is the need to harmonise the legal framework as AfCFTA objectives cannot work with the spiked activities of piracy attacks in the Gulf of Guinea. He informed that at the moment three countries -Nigeria, Cameroun and Togo have enacted laws to prosecute maritime criminals and that MOWCA is planning a regional conference later in the year in Abuja, Nigeria for the harmonization of these laws for use by all member States.

The MOWCA SG informed that many countries have a problem dealing with challenges of land transportation and have approached him on how they can get assistance from international organisations like the Afreximbank to support them. He gave examples of Sierra Leone needing assistance to grow their maritime transport and the Cross River State in Nigeria that is needing assistance to facilitate maritime transport trade from Calabar to Cameroun and Equatorial Guinea.

Speaking for Afreximbank, Dr. Gainmore said that there are lots of business opportunities in the shipping sector and that Africa should not be a spectator.

He requested MOWCA to work towards the establishment of a viable maritime industry through the development of public – private partnerships (PPP).

Gainmore said that Afreximbank aligned with MOWCA on the thought processes for African indigenous vessel ownership, especially or those lifting cargo from Africa which can be used as launching pad into global trade.

He said considering the tonnage of goods lifted from Africa, it was not good that Africa is not fully participating in vessel ownership and shipping

Afreximbank, according to Gainmore is presently working with a merchant marine entity on a Public Private Partnership (PPP) to drive the maritime sector in the intra African trade and the inland water ways as alternative to reliance on road transport.

He disclosed that there will be an intra Africa trade fair in Egypt from 9th -15th November, 2023 and hopes that both MOWCA and Afreximbank will hold a meeting to spell out what the maritime sector hopes to see in the AfCFTA, what would be the financial expectations, policy and regulatory framework to put in place and take concrete actions on them.

He further suggested that there will be the need for a tripartite meeting of Afreximbank, MOWCA, AfTCFTA and possibly the AU on this trade fair initiative.

Both organisations agreed to keep engaging and working together to actualise their areas of common goals.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Previous Article

CORRUPTION: BAT BLOWS OUT BAWA

Next Article

Hundreds Of Migrants Perish Off Greece-Report

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • FeaturedNews

    Iweala Gets IMF Job

    Apr 10, 2020
    By Editor
  • FactNews

    “Participate to Win”-Osinbajo Task Young Nigerians

    Oct 5, 2021
    By Editor
  • FeaturedNews

    Catholics Mourn Pope Emeritus Benedict XVI

    Dec 31, 2022
    By Editor
  • FeaturedNews

    Pirates Chased Out Of Nigerian Waters-CDS

    Mar 23, 2021
    By Editor
  • FactFeaturedInterviewsMaritime InfoNewsProfiles

    Habib Abdullahi Sacked Again from NPA

    Jul 12, 2016
    By Editor
  • News

    FG to Commission Funtua Port

    May 8, 2024
    By Editor

Leave a Reply Cancel reply

  • Featured

    Festac Fire: Over 20 Vehicle, Shops Burnt

  • News

    EFCC Grabs Stolen Funds From NIMASA

  • News

    Team NIMASA, Jime, Effedua, Farah, others Clinch Maritime Nigeria Awards 2022.

Looking For Something?

Read From

  • Agriculture
  • Customs Operations
  • Fact
  • Featured
  • Interviews
  • Maritime Info
  • News
  • One Question
  • Photo Gallery
  • Profiles
  • sports

Just In

Customs OperationsNews

Olomu Reenacts Zeal, Records Huge Revenue and Seizures

With enhanced stakeholders engagement, deployment of ICT, enforcement  of port user compliance and uncompromising disposition of  officers and men of the Apapa Command of the Nigeria Customs Service, NCS, the ...
  • Compt Olomu On Working Visit and Engagement With Freight Agents

    By Editor
    Jul 2, 2025
  • Compt Babatunde OLomu: Pragmatism, Innovation or Professionalism In Service?

    By Editor
    Jun 29, 2025
  • PRESIDENT TINUBU CONGRATULATES CGC ON WCO Appointment

    By Editor
    Jun 29, 2025
  • Maritime Stakeholders Excited By Ogbeifun’s Appointment At NIMASA

    By Editor
    Jun 29, 2025
  • Home
  • About Us
  • Contact Us
© 2013 Maritime Nigeria | All Rights Reserved