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Access Bank to Develop Maritime Sector

2nd May '08

Access Bank Plc has expressed its commitment to the development of the maritime sector of the country's economy. The bank's Group Head, Public Sector, Mr. Nnamdi Nwankwo, expressed the bank's commitment in Abuja yesterday at a three-day international conference organised by the Joint Standing Committee on Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Navy. He described the maritime sector as very critical to the development of the overall economy of the nation and the West African sub region.

He pointed out that the country's maritime sector accounted for over 60 percent of the total seaborne traffic in volume and value in the West African sub region. He added that the sector also accounted for over 60 per cent of the total GDP of the 16 countries that make up the economic community of West African States because the massive cross border trade among these countries is anchored on the Nigerian axis.

Nwankwo noted that the significant contributions by the Nigerian maritime sector to regional economic development and international trade between the African continent and the rest of the world has made it compulsory for immediate actions to be taken against the twin problem of piracy and armed robbery on sea, and eventual overhauling of the entire sector.

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