ISAN Gets $1.8bn Lifeline


The Indigenous Shipowners Association of Nigeria (ISAN) said in Lagos recently that it had secured a foreign credit facility of $1.8 billion with which to acquire vessels for the lifting of crude oil and funding of its national carrier.

The President of the association, Mr. Isaac Jolapamo announced recently at the just concluded Nigeria Maritime Expo (NIMAREX2012) that his association had entered into a strategic alliance with foreign banks to help it actualise its national carrier plans and to lift petroleum products across the seas.

According to him, the association had put in place measures that would enable it participate fully in the oil lifting and appealed to the Federal Government to used its political will to implement the Local Content Bill that was passed into law in 2010.

Related News

Jolapamo said government has approved for ISAN a national carrier status, an indication that the association could now acquire Nigerian flagged vessels for the lifting of petroleum products.

He said the association was in better position to turn the nation’s maritime industry to a hub of revenue generation and employment opportunities.

Jolapamo said the Nigerian maritime industry was capable of generating N1.6 trillion yearly as revenue and could provide employment for over five million youths in the country.

Load more