Shippers cry over high interest rates on BOI loans
..NSC assures to raise issue with Bank of Industry
The Abuja Shippers’ Association has raised concerns over high interest rates on loans from institutions such as the Bank of Industry (BOI).
The Abuja Shippers’ Association also added that its members record a lot of financial losses linked to overreliance on seaports and the poor condition of roads used to transport cargo to Abuja.
The association’s president, Mr. John Ugwu, outlined key challenges facing shippers during an engagement with the Executive Secretary/CEO of the Nigerian Shippers’ Council (NSC), Dr. Pius Akutah, at the Abuja Liaison Office.
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Ugwu called for a functional rail network, the operationalization of the Baro Inland Port, and raised concerns over high interest rates on loans from institutions such as the Bank of Industry (BOI).
Addressing the delegation Dr. Akutah explained the ongoing collaboration with the Nigerian Railway Corporation to improve rail transport, informing that the Baro Inland Port is yet to become operational due to the capital-intensive dredging required.
He also clarified that the Council does not control interest rates, while he assured to raise the issue with the Bank of Industry.
In a different response, the Deputy Director, Abuja Liaison Office, Dr. Pauline Osasona, highlighted the benefits of belonging to a shippers’ association, including advocacy, trade facilitation, cost efficiency, information sharing, dispute resolution, and networking opportunities.
