Nigeria awaiting other countries’ endorsement of development bank project for West, Central Africa

The Nigerian government says it is waiting for the acceptance of two-third of Member States to proceed with the Regional Maritime Development Bank project.

For the creation of the bank, the Maritime Organisation of West and Central Africa(MOWCA) had earlier reached some decisions that it expects all its Member States to meet.

MOWCA unifies 25 countries on the West and Central African shipping range (inclusive of five landlocked countries).

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.

The member countries of the MOWCA, having identified the major deficit in the development of indigenous participation in the regional maritime sector and associated value chain, had at an annual general session agreed to establish a maritime bank.

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.

The Nigerian government, via the Federal…

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