By Dirisu Yakubu

Minister of Transportation, Rotimi Amaechi has reiterated Nigeria’s readiness to go on with the Regional Maritime Development Bank Project provided two-third of member states accept the decision reached by the Maritime Organisation of West and Central Africa, MOWCA.

Amaechi disclosed this shortly after declaring open the meeting of MOWCA Committee of Experts on the Regional Maritime Development Bank Project and Interim Board of Directors on Tuesday in Lagos.

It would be recall that MOWCA member states  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,  resolved   to  establish  a  maritime  bank focused  on  the growth  and  development in  West and Central  Africa with  a view  to  raising  debt  and equity  capital  of  US$850,000,000.00  and  US$150,000,000.00  respectively.

Consequently, the  federal  government through the  Federal  Ministry  of  Transportation  was then  mandated  to  take  all  necessary  steps  to  bring  the  bank  to  actualization.

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According to Amaechi, any decision reached at the end of the meeting will not be presented to President Muhammadu Buhari until other member states demonstrate their willingness and readiness to key into the project.

“Whatever decision we reach here is subject to approval and confirmation of every member states in writing. I will not convey 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? That is not the intention! The intention is to establish a maritime bank that cuts across West 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.

Vanguard