African Export-Import Bank (Afreximbank) in its role as a systemically important and market-failure bank for Africa provided a grant of $350,000 and leveraged on its partnership with the Nigerian Export-Import Bank (NEXIM), the Federal Ministry of Transportation and the Nigerian Navy to facilitate the movement of goods using navigable waterways in Nigeria.
In this regard, a major milestone in the quest to unlock the huge potentials in transportation on Nigeria’s inland waterways was recorded on Tuesday 16th March 2023 with the unveiling of the Navigational Charts of the Lower River Niger by the Honorable Minister for Transportation, Mr. Mu’azu Jaji Sambo supported by, the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha.
The Charting project was made possible by the grant from Afreximbank in recognition of the importance of inland waterways transportation and by extension, coastal waterways transportation, to its mandate of promoting Intra-African trade.
Speaking at the event, the Honorable Minister for Transportation, Mr. Mu’azu Jaji Sambo, hailed the support from Afreximbank through the grant and reiterated the importance of water transportation as the most environmentally friendly mode of transportation with significant economic benefits, citing the example of the United States of America where 60% of agricultural produce are moved through inland waterways.
He commended the efforts of all the parties involved in the activity and made commitment to progressing the subsequent activities involved to make the movement of goods on the lower River Niger from the hinterlands to the coastal lands possible.
Afreximbank was represented at the event by Mr. Remigius Nwachukwu, Manager Trade Finance, Anglophone West Africa, who commended the leadership and vision of Prof. Benedict Oramah, President and Chairman of the Board of Directors of the Afreximbank towards the realization of this project which falls clearly within the ambit of the mandate of Afreximbank in promoting, facilitating and financing intra- and extra-African trade.
Afreximbank also noted that existing African infrastructure was designed to carry African commodities to the global markets and not to facilitate intra-African trade. In this context, Afreximbank decided to support the development of the maritime sector including inland waterways to ensure that there are efficient and cost-effective routes to facilitate intra-African trade under the African Continental Free Trade Agreement (AfCFTA).