Long Wait For ECOWAS’ $60m Shipping Line

The $60 million trans-West Africa shipping line, Sealink Promotional Company Limited, being promoted by the Economic Community of West African States (ECOWAS) countries failed to commence operation last year as projected by its major financier, the Nigerian Export-Import Bank (NEXIM).

The managing director and chief executive officer (CEO) of the NEXIM, Mr Roberts Orya, had told stakeholders in the manufacturing sector at an industry forum in Lagos, in May last year, that the shipping line expected to change the West African indigenous shipping experience would begin operation in December 2014.

Till this moment, there is no sign that the ECOWAS shipping project will materialise despite the huge sum the NEXIM claimed to have provided to fund the shipping line.

The establishment of the Sealink is anchored by the NEXIM from the Nigerian end and similar banks of member countries are expected to facilitate maritime transportation within the West and Central African. Orya had disclosed that significant progress had been made towards raising the required capital for its take off, but noted that investment drive was still on towards meeting the financial portfolio target of the company.

He said, “Responses from the governments and the organised private sector in the various countries have been quite tremendous. The project is aimed at boosting maritime trade among member countries of the ECOWAS as well enhancing regional integration. More investors have also shown interest in the Sealink public offer which is selling at $0.70 per ordinary share with net proceeds of $60 million.”

The public offer opened on March 24, 2014, and closed on September 30, 2014, according to the NEXIM boss. Orya said the purpose of the offer was to raise the funds needed to acquire vessels for conveying people and cargo across the West and Central Africa coast.

“If you want to move goods by sea, it takes 60 days from Nigeria to Ghana because European vessels have to take the goods to Europe first before bringing it back to Ghana,” he said.
Source: Leadership Nigeria