Caverton injects N1bn in local boat building

The management of Caverton Offshore Support Group said it has so far injected about N1bn in in-country boat building to check capital flight in local boat building by 70 per cent.

The Chief Executive Officer of Caverton Offshore Support Group, Mr Olabode Makanjuola, made the revelation during a guided tour of Caverton Marine Boatyard in the Badore area of Ajah, Lagos, on Wednesday.

Makanjuola also revealed that the company was currently partnering with the Lagos State Government to build about 25 passenger boats for the Lagos State Waterways Authority (LASWA).

Makanjuola stated that, “The partnership with the Lagos State Government to build 25 ferries underscores the importance of alternative modes of public transportation that are efficient, reliable and environmentally friendly in the light of the challenges posed by road congestion and pollution.”

He highlighted that the ferries would contribute significantly to the state’s transportation infrastructure with their construction by Nigerians expected to have a substantial impact on job creation and skills development within the local community.

Also speaking, General Manager of LASWA, Mr Oluwadamilola Emmanuel, said the partnership with Caverton Marine would reduce capital flight in the importation of passenger boats by 70 per cent.

The Permanent Secretary in the Lagos State Ministry of Transportation, Mr Olawale Musa, revealed that 15 of the 25 ferries would soon be commissioned and deployed to improve the safety, life and security of the transportation system.