engineer, Mr Alex Egenti, on Tuesday said the indigenous shipping sector lacked
dedicated funds to boost operations in the sector.
Officer of Millennium Shipping, stated this in an interview in Lagos.
access to commercial bank loans which were of high interest rate and
unfavourable to the business.
had limited the shipping sector from employing as many people as it should have
been able to do.
financial institutions are revived.
financial industry only gives loans on commercial basis, which has one of the
highest interest rates.
for 35 per cent or 28 per cent, which is the cheapest; tell me what you can
afford to achieve with a 28 per cent interest rate.
to commence a project and you are taking it at 28 per cent, it means that you
will be paying back N2.8 billion to the owners of the money yearly,’’ Egenti
would ever survive.
there should be a way of bringing in funds for shipping business and not
due to lack of funds and that is the reason why most ships in Nigerian waters
belong to foreigners, ‘’ Egenti said.
Vessel Financing Fund (CVFF) was unreliable as there had been no beneficiary.