Afreximbank, NEXIM offer $750,000 grant to channel Niger-Benue river

African Export-Import Bank (Afreximbank) and Nigeria Export-Import Bank (NEXIM) have announced a US$750,000 grant to chart the main channel of the Niger-Benue river in Nigeria.

The channelling of the Niger-Benue River is part of the Regional Sealink Project, which aims to bridge the gap in maritime transport infrastructure and improve trade connectivity in West Africa.

Afreximbank provided a grant of US$350,000 to supplement the US$450,000 made available by NEXIM, thus completing the financing of the bathymetric survey and hydrographic and hydrological studies of the lower Niger-Benue River.

The studies will be undertaken under a joint collaboration framework between the Nigerian Navy Hydrography Department, Nigeria’s National Inland waterways Authority (NIWA) and Sealink Consortium Partners.

When completed, “the studies will support the early commencement of the inland waterways operations planned under the Regional Sealink Project, by enabling the development of the inland waterways navigation chart as well as river ports and anchorage plans that will facilitate bulk commodities and general cargo shipping, thereby boosting Nigeria’s bulk commodities trade and exports,” Afrexim said.

Inland waterways are a key transport mode that plays a vital role in facilitating the efficient and cost-effective movement of goods and providing a competitive alternative to rail and road transport while ensuring integration into the country’s international logistics chain.

Prof. Benedict Oramah, President of Afreximbank, said “the project will facilitate regional transit, especially with the commencement of trading under the African Continental Free Trade Agreement (AfCFTA).”

The project, he said will "enhance Nigeria’s attractiveness as an investment destination, but also foster regional integration and trade in the ECOWAS region as well as facilitate the reduction of the level of informal trade, thereby promoting industrialisation and financial inclusion for Micro, Small, and Medium Enterprises (MSMEs).”

Mr Abubakar Abba Bello, Managing Director of NEXIM on his part, said “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).”