Bayo Akomolafe 
The Regional Maritime Development Bank (RMDB) has announced plans to secure $150 million for the upgrade and expansion of a major shipyard in Nigeria.
President and Chief Executive Officer of the Bank, Mr. Adeniran Aderogba, disclosed this on Tuesday, stating that the investment would serve as a catalyst for transforming ship repair and maintenance capabilities across West and Central Africa.
He described the initiative as a bold first step in RMDB’s commitment to revitalising the region’s maritime sector.
According to Aderogba, the $150 million investment is not merely an infrastructure upgrade but a strategic enabler aimed at spurring a wave of localised maritime services.
“This will increase our capacity to retain maritime business within the West and Central African subregion, reduce capital flight, and stimulate economic growth,” he said.
He further revealed that one of RMDB’s most ambitious targets is the development of a comprehensive maritime value chain. This includes the creation of clusters for legal, financial, audit, accounting, insurance, ship brokerage, and shipping agency services — all designed to professionalise and expand sectoral offerings for both local and international investors.
Aderogba noted that the landmark project would position Nigeria, and the broader subregion, as a strategic hub for vessel servicing.
This would help reduce dependence on foreign shipyards and significantly cut turnaround times for shipowners operating in African waters.
“As we officially kick off operations at the Regional Maritime Development Bank, our foremost priority is the empowerment of indigenous maritime players,” he said. “We are strategically focused on directing developmental momentum into critical areas of the maritime sector across West and Central Africa.”
He added that RMDB’s blueprint places a strong emphasis on deepening regional integration through interconnected trade facilitation mechanisms. It also aims to expand shipping capacity, shipbuilding, and maintenance infrastructure.
Beyond port infrastructure and shipping, Aderogba said the Bank is also targeting growth in aquaculture and aquatourism. These emerging sectors, he noted, can boost food security, create employment, and attract investment into coastal communities.
“Our objective is to champion a sustainable maritime economy,” he continued.
“That means introducing clean energy solutions for maritime operations, ensuring environmental stewardship, and prioritising wreck removal and maritime waste management programmes.”
With operations now officially underway, RMDB’s entry marks a turning point for maritime development in Africa.
As the region looks to harness the full potential of its vast maritime domain, the Bank’s approach promises a structured and sustainable path forward — anchored in regional ownership, environmental responsibility, and industrial growth.
