The Nigerian Content Development and Monitoring Board (NCDMB) has granted ten local shipping firms access to its $360 million intervention fund, which is managed by the Bank of Industry (BoI).
The General Manager of Research, Statistics, and Development at NCDMB, Silas Ajimijaye confirmed that at least 10 Nigerian shipping companies have benefited from the fund. He noted that the low default rate is due to the fund being well-managed by BoI, which ensures that beneficiaries repay loans on time.
Ajimijaye mentioned Starz Marine Investment as a notable example, with the company expressing satisfaction with the support received from NCDMB. He also highlighted that the fund, which offers single-digit interest rates, continues to grow as more companies access it and repay their loans.
Ajimijaye added, “The fund is managed by BoI, and they provide regular reports on its progress. The default rate is very low compared to conventional bank loans.”
He further explained that NCDMB’s work aligns with the Nigerian Content Act, emphasizing collaboration with other government agencies, such as through the Cabotage law, to deepen local content in the industry.
This also involves ensuring that Nigerian companies and workers take on a larger role in contracts, including the manning of vessels, and integrating Nigerians into the operational systems of shipping firms.
