The Nigerian Export-Import Bank (NEXIM) is providing funding and support to set up a shipping company to boost intra-African movement of goods.

 According to the spokesman of the bank, Chinedu Moghalu, vessels from the West Africa Sealink Co, as the company will be known, would call on ports on the Atlantic coast from Dakar, Senegal, in the north to Libreville, Gabon, in the south.

 “Total investment for the new company is estimated at $60 million for a start. Prospective investors will meet in Accra, the capital of Ghana, before the end of September to work out the allocation of shares and conclusion of key appointments and partnerships ahead of the company’s start by the first quarter of next year,” Moghalu said.

According to him, trade among members of the Economic Community of West African States (ECOWAS) accounted for about 11 per cent of the group’s trade, while business with Europe represented 45 per cent.

The bank pointed out that the factors slowing regional trade included: current trans-shipment arrangements through Europe that result in an average of 60 days delivery from the port of Lagos to that of Accra.

The Sealink project is intended to increase trade flows, reduce time and costs while improving duty receipts by national governments and port authorities.