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Publish Date : 08-May-2018

Africa must urgently upgrade its maritime and logistic infrastructure in order to successfully promote the continents trade, especially intra-African trade, the African Export-Import Bank (Afreximbank), has said.

In an address at the Africa Ship-owners Summit in Seychelles on 23 April, Kanayo Awani, Managing Director of Afreximbanks Intra-African Trade Initiative, speaking on behalf of Bank President Dr. Benedict Oramah, described weak maritime and logistic infrastructure as being particularly harmful to African trade, noting that the continent currently had the worlds highest transportation and transaction costs.

Ms. Awani pointed out that only a few of the African countries with access to the sea had established the right infrastructure for marine transport even though Marine transport accounted for 92 per cent of Africas external trade and 92 per cent of the continents imports were seaborne. She said that Africa currently handled only six per cent of global seaborne traffic, out of which 50 per cent of the volume was handled by Egypt and South Africa.

Lamenting that most African countries did not have national vessels, Ms. Awani said that it was estimated that Kenya lost about $3 billion annually in money paid to foreign shipping lines. She recommended that there should be incentives to encourage African businesses to support the development of local shipping lines and called for investment in national/domestic fleet through gradual and staggered vessel acquisition, terminal management, freight forwarding and logistics.

Opportunities also existed in inland waterways, cruise ship services, trans-shipment, container manufacturing and repairs, dry docking and other value addition services, such as sorting, arranging, packaging/re-packaging, cold storage and distribution, she added.

The Summit, organized by the African Ship-owners Association, also featured the presentation of an Honorary Captains Award to Dr. Oramah by the organisers for Afreximbanks contribution in supporting the Blue Economy and the Maritime Sector in Africa. Ms. Awani accepted the award on behalf of the President. Other Recipients were President Danny Faure of Seychelles and African Union Chairman Moussa Faki Mahamat.

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