Nigeria has finally launched the long-awaited Regional Maritime Development Bank (RMDB), signaling a pivotal shift in efforts to drive regional trade, expand maritime infrastructure, and accelerate economic growth across West and Central Africa. The bank’s commencement of operations follows a protracted 16-year delay, unlocking new funding channels and partnerships for maritime projects in Nigeria and neighboring countries.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, made the official announcement in a statement released by his media adviser, Dr. Bolaji Akinola, on Thursday. Oyetola described the bank’s launch as a historic breakthrough in resolving a longstanding institutional impasse that had stymied progress since 2009.

Ending a 16-Year Impasse: A Strategic Win for Regional Integration

The RMDB, first conceptualized and approved in 2009 by member states of the Maritime Organisation of West and Central Africa (MOWCA), had remained inactive due to bureaucratic delays, funding challenges, and political inertia. However, the current administration, led by President Bola Tinubu, has taken decisive action to operationalize the institution and position it as a catalyst for regional maritime development.

Oyetola emphasized that the bank’s activation reflects Nigeria’s commitment to promoting regional integration, cross-border trade, and marine infrastructure. He stressed that the RMDB will serve as a specialized financial institution providing long-term funding for critical areas such as port modernization, shipping logistics, fleet acquisition, and integrated transport systems.

“With the operationalization of the RMDB, Nigeria is now poised to become a powerful engine for regional growth, connectivity, and prosperity,” Oyetola affirmed.

The minister further explained that the move aligns with the Federal Government’s economic transformation agenda, which focuses on infrastructure upgrades, inclusive growth, and strategic partnerships with regional stakeholders.

Adeniran Aderogba Appointed to Steer the Bank’s Vision

To guide the bank’s operations and strategic direction, President Tinubu has appointed Adeniran Aderogba as the first President and Chief Executive Officer of the RMDB. The announcement came through the Office of the Director of Maritime Safety and Security, Mr. Babatunde Bombata.

Oyetola praised the appointment, describing Aderogba as a visionary leader with over 30 years of experience spanning maritime administration, finance, and strategic investments. He noted that Aderogba has made impactful contributions in both public and private financial institutions and is well-equipped to launch and steer the RMDB into a regional powerhouse.

“Aderogba’s appointment is a bold and competent choice that will steer the bank from conception. His extensive career in finance and maritime administration makes him the ideal leader for this transformative initiative,” the minister stated.

A Regional Milestone in Maritime Financing

The RMDB’s launch is being hailed as a landmark event for maritime financing in West and Central Africa. By providing direct access to long-term capital for maritime-related projects, the bank aims to fill a critical funding gap that has hindered infrastructure development and private sector investment in the sector.

Maritime stakeholders across the region have long lamented the absence of dedicated financial institutions to support port upgrades, shipbuilding, marine logistics, and seafaring operations. With the RMDB now operational, the maritime sector is expected to benefit from improved funding for vessel maintenance, modern port facilities, and regional shipping networks.

Oyetola noted that Nigeria’s leadership in launching the RMDB demonstrates its willingness to unlock the vast potential of the blue economy, while also strengthening the country’s role as a hub for intercontinental maritime trade.

“This moment is of great significance not only for Nigeria but for the entire West and Central African sub-region,” he said. “It ushers in a new era of maritime financial support, trade expansion, and infrastructure development.”

Challenges in the Maritime Sector: A Call for Broader Reforms

While the RMDB’s launch marks a major step forward, stakeholders have also called attention to several unresolved issues within Nigeria’s maritime sector that require urgent attention. In a recent statement, Aniefiok Iton, Chairman of the Chartered Institute of Logistics and Transport in Cross River State, highlighted persistent obstacles affecting maritime traders.

Iton identified bureaucratic red tape, aging port infrastructure, and foreign exchange volatility as major barriers hampering maritime operations. She emphasized that Nigerian ports lack modern equipment and facilities, forcing many locally registered vessels to seek routine maintenance in Ghana, where dockyards and service stations are more advanced.

“Infrastructure in Nigerian ports is old and inadequate,” Iton noted. “Hundreds of vessels have to move to Ghana for routine maintenance, which is both costly and time-consuming.”

She called on the government to prioritize infrastructure renewal, policy reforms, and private sector investment as part of broader efforts to fully realize the benefits of the blue economy and maximize Nigeria’s maritime potential.

A Strategic Outlook: What Lies Ahead for RMDB?

With the RMDB now operational, the expectations are high. Maritime industry leaders, regional governments, and development partners will closely watch the bank’s early performance, especially how it mobilizes capital, evaluates projects, and ensures efficient disbursement of funds.

The bank’s success will depend largely on its ability to:

• Attract domestic and international investment

• Collaborate with regional ports and shipping companies

• Finance sustainable and climate-resilient infrastructure

• Support technological innovation in maritime logistics

Additionally, analysts believe the RMDB could position Nigeria as a financial and logistical gateway for Africa’s maritime trade, especially with growing global interest in the Africa Continental Free Trade Area (AfCFTA).

As Nigeria begins this new chapter in maritime development, the launch of the RMDB underscores the country’s resolve to become a central player in regional shipping, trade, and infrastructure financing. The next phase will test the bank’s ability to transform policy into impactful projects that support trade, create jobs, and strengthen regional economic ties.