Maritime Bank Will Develop African Economy, Says Amaechi

By Oshioke Maho

Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi has said that Nigeria would proceed with the Regional Maritime Development Bank Project if only the two-third of member states accept the decision reached by the Maritime Organisation of West and Central Africa(MOWCA).

Amaechi disclosed this when he declared-open the meeting of MOWCA Committee of Experts on the Regional Maritime Development Bank Project and Interim Board of Directors in Lagos, Tuesday.

The member countries of the Maritime Organization of West & Central Africa having identified the major deficit in the development of indigenous participation in the regional maritime sector and associated value chain, had via a resolution at an annual general session agreed to establish a maritime bank focused on the growth and development in West & Central Africa with a view to raising debt and equity capital of US$850,000,000.00 (Eight Hundred & Fifty Million Dollars only) and US$150,000,000.00 (One Hundred & Fifty Million Dollars only) respectively.

The Federal Government of Nigeria via the Federal Ministry of Transportation (FMOT), was then mandated to take all necessary steps to bring the Bank to actualization.

According to Amaechi, any decision reached at the end of the meeting won’t be taking to Mr. President until other member States indicate interest in writing to be part of the project which would develop the maritime sector in Africa.

“Whatever decision we reach here is subject to approval and confirmation of every member states in writing. I will not convene whatever decision reached here to the President until I have the binding of two-third of the members organisation because if we take it to the President and the President approves and every other person backs out, are we going to establish a maritime bank of Nigeria? And that is not the intention, the intention is to establish a maritime bank that cuts across West Africa and Central Africa.

” Nigeria is going to sign for being part of that meeting and we are willing to make our contributions but we will not make those contributions until the two-third of the member States have accepted the decision and have agreed on a timeline which they will make their contributions. I’m willing to participate, we can’t have just six countries passing a law on behalf of over 20 countries in the region”,he said.