The African Export-Import Bank (Afreximbank) and the Nigeria Export-Import Bank (NEXIM) have announced a $750,000 (about N307 million) grant to support the charting of the main channel of the Niger-Benue River.
The project is part of the Regional Sealink Project, which aims to bridge the gap in maritime transport infrastructure and improve trade connectivity in West Africa, said a statement.
- Gulak: Arrest Nigeria’s drift into anarchy, southern senators tasks security agencies
- Ondo monarch chased from palace after death of policeman
Afreximbank provided a grant of $350,000 to supplement the $450,000 made available by NEXIM, thus completing the financing of the bathymetric survey and hydrographic and hydrological studies of the lower Niger-Benue River.
The studies will be undertaken under a joint collaboration framework between the Nigerian Navy Hydrography Department, the National Inland Waterways Authority (NIWA) and Sealink Consortium Partners.
President of Afreximbank, Prof. Benedict Oramah said: “The project, which will facilitate regional transit, is timely given the recent commencement of trading under the African Continental Free Trade Agreement (AfCFTA).
“The grant from Afreximbank and NEXIM will allow for the development of infrastructure that will eventually relieve road congestion and enable some bulky commodities and solid minerals to move by the river,” he said.
Managing Director of NEXIM, Mr Abubakar Abba Bello said the execution of the Grant Agreement aligned with the strategic objectives of Afreximbank and NEXIM in trade promotion.
“The partnership will also facilitate the implementation of the Regional Sealink project, thereby promoting hinterland, coastal and transit trade as well as the broadening of Nigeria’s export basket with bulk commodities like solid minerals and agricultural products,” he said.
