Caverton Offshore Support Group has disclosed its investment of approximately N1 billion in in-country boat building, aimed at curbing capital flight by 70 percent.
The Chief Executive Officer, Mr. Olabode Makanjuola, shared this information during a tour of Caverton Marine Boatyard in Lagos. The company’s initiative aligns with efforts to boost local boat building and enhance Nigeria’s maritime industry.
Makanjuola further revealed a partnership with the Lagos State Government to construct 25 passenger boats for the Lagos State Waterways Authority (LASWA). Moreover, the construction of these ferries by Nigerians is expected to foster job creation and skill development within the local community.
The General Manager of LASWA, Mr. Oluwadamilola Emmanuel, emphasized the importance of the partnership in reducing capital flight associated with importing passenger boats.
Source: Daily Trust