West Africa’s $61.5m shipping line to start operations before end of 2011

A shipping line to handle the movement of goods between member states of ECOWAS, West Africa’s sub-regional group will start operations by the end of 2011, a consultant working on the $61.5 million project has disclosed.

When it starts operation, it is believed that the shipping line, Sealink initiated by the Nigerian Export-Import Bank (NEXIM), will promote economic integration among member countries within the West Africa regional group.

According to a report by Nigeria’s Vanguard, Mr. Tidiane Traore, management consultant of the project during a meeting of the NEXIM and the Federation of West African Chambers of Commerce (FEWACC) in Abuja said the project will involve a Special Purpose Vehicle which will be incorporated within the next three months.

The publication cites Mr. Traore as saying that “Transportation of our goods by sea will make us to be more competitive. We will need $60 million to finance the project and out of this amount, 60% would be raised through equity while 40% ($24 million) will come through debt.”

An additional $1.5 million would be used for promoting the idea within the sub-region, he adds.

By Ekow Quandzie

2 Comments
  1. GH says

    where Ghana Black Starline Nkrumah baby, Ghana since Nkrumah never been tha same and continue to struggle both Airlines, sea shipping our leaders should continue to work towards this goal and as well as making a law for foreign companies to list on Ghana Stock Exchange.

  2. lonestar says

    this is a very good idea, if the customs and the corrupt maritime operators will let it be. the goods should be custom free. no duty. let the suppliers and the buyers struggle for the freight alone. but i bet u, africans are devils and that is why Jesus is always painted white and satan black like africans.. until we stop being greedy, nothing will ever work in africa.

Comments are closed.

Shares