NIMASA canvasses long term credit to boost manufacturing, ports operations

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Dr Dakuku Peterside, Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA) has called for long-term credit at single digit interest rate for both the manufacturing and maritime sectors.

Peterside made the call at the 46th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria on Wednesday in Lagos.

The AGM was themed: “Promoting Manufacturing through Improved Port Infrastructure and Access to Long-term Credit Windows.”

Peterside, represented by Dr Maduka Ozili, Assistant Director, Shipping Promotions, NIMASA, said long-term credit would eliminate the huge overhead cost associated with transportation of materials and enhance the operations of the ports.

He said port infrastructure were capital intensive with long period of return on investment, hence required long-term credit to encourage investors.

He proposed a dedicated revolving fund for the development of infrastructure for the ports and the manufacturing sector.

He also said the government should allocate space at highly subsidised rates at the ports for investors to establish manufacturing plants.

“Designation of specialised ports and berths for raw materials for manufacturing industries and finished products for exports should be looked into.

“Moreso, investment in effective and efficient intermodal and multimodal transport network and modern technologies for cargo evacuation from and to the ports is necessary.