The federal government will receive $750,000 to improve inland waterways from the Nigeria Export-Import Bank and African Export-Import Bank.

NEXIM and Afreximbank announced that the grant would support the charting of the main channel of the Niger-Benue river as part of its Regional Sealink Project.

According to a statement by Afreximbank, the RSP will connect West African sub-regions, foster indigenous participation of African nations in the maritime sector, and address the critical logistics infrastructure gap between inland and intra-coastal waterways operations.

The president of the bank, Benedict Oramah, said the grant would “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 noted that it would enhance Nigeria’s attractiveness as an investment destination and foster regional integration and trade in the ECOWAS region.

Afreximbank provided $350,000 in addition to the $450,000 made available by NEXIM, making available the full funding for the bathymetric survey, hydrographic and hydrological studies of the lower Niger-Benue river. 

The studies will be carried out by the Nigerian Navy Hydrography Department, Nigeria’s National Inland waterways Authority (NIWA), and Sealink Consortium Partners.

According to the statement, the studies will support the early commencement of the inland waterways operations planned under the RSP, enabling inland waterways navigation charts and river ports and anchorage plans to be developed. 

These will aid shipping both bulk commodities and general cargo shipping, thereby boosting Nigeria’s bulk commodities trade and exports.

NEXIM’s managing director Abubakar Abba Bello, further explained, “The execution of the Grant Agreement strongly aligns with the strategic objectives of Afreximbank and NEXIM in trade promotion and support for the development of trade facilitating and enabling infrastructure that will deepen the partnership engagements of both institutions to foster trade connectivity, especially under the African Continental Free Trade Area (AfCFTA). 

“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.”

The ECOWAS had adopted the RSP as one of its seven priority projects under its Community Development Programmes. 

Its implementation is to reduce the hurdles faced during regional integration and cross-border trade, especially in the movement of large volumes of bulk commodities.