NIMASA should learn from content development fund

While shipping operators in the maritime sector are battling with high interest rate for loans collected from banks and failed promises for assistance in that regards from the Nigerian Maritime Administration and Safety Agency (NIMASA), their counterparts in the oil and gas sector are benefiting from a scheme by the Nigerian Content Development Monitoring Board (NCDMB), to aid them to easily acquire vessels.

The Nigerian Content Development Fund (NCDF) model adopted by the NCDMB, according to Ernest Nwapa, its Executive Secretary, takes on about 50 percent of the interest on loans collected from Nigerian banks that charge very high interest rates. Nwapa who disclosed that the fund has risen up to about $200 million,

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About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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