Indigenous ship-owners have blamed the high interest rates charged by Nigerian banks for hampering the development of the country's shipping sector. They stated this during the quarterly seminar of the Nigerian Association of Master Mariners (NAMM) held at the weekend, in Apapa, Lagos, with the theme: 'Cabotage Financing.' Former Minister of Interior, Emmanuel Iheanacho, who is also the Chairman of Genesis Worldwide Shipping, lamented that Nigerian banks’ high interest rates had been inimical to the development of the shipping sector. Iheanacho said that while banks in other countries charge about four per cent interest on loans to ship owners, some

The post 'Banks’ 16% interest rate hampering indigenous ship development' appeared first on Guardian Nigeria News.