The Regional Maritime Development Bank (RMDB) has officially commenced operations in Nigeria after 16 years in development, marking a transformative milestone aimed at boosting regional trade and advancing economic growth in the maritime sector.
The announcement was made by Minister of Marine and Blue Economy, Adegboyega Oyetola, in a statement issued by his Media and Communications Adviser, Dr. Bolaji Akinola, on Thursday.
Oyetola emphasized that the launch of the RMDB ends a prolonged institutional deadlock, reaffirming Nigeria’s commitment to regional integration, maritime development, and economic cooperation.
Breaking a Longstanding Deadlock
The minister noted that the bank will serve as a dedicated financial institution, offering long-term funding solutions for critical maritime needs, including port infrastructure development, fleet acquisition, shipping logistics, and intermodal transport systems.
“With the operationalization of the RMDB, Nigeria is now poised to become a powerful engine for regional growth, connectivity, and prosperity,” Oyetola stated.
According to him, this initiative serves as a cornerstone of the Federal Government’s agenda, which prioritizes infrastructure expansion, inclusive economic growth, and regional partnerships.
Adeniran Aderogba Appointed as RMDB’s First President
To lead the newly operational bank, President Bola Tinubu has appointed Adeniran Aderogba as the first President and Chief Executive Officer of RMDB. The appointment was formally communicated through the Office of the Director of Maritime Safety and Security, Mr. Babatunde Bombata.
Oyetola expressed confidence in Aderogba’s leadership, highlighting his over three decades of expertise in maritime administration, finance, and investment.
“Aderogba’s appointment is a bold and competent choice that will steer the bank from conception. His extensive career spans the public and private sectors, and he is a respected, thoughtful leader in financial markets who has contributed significantly to Nigeria’s financial infrastructure, amongst others,” the minister said.
He added, “His appointment and the operationalization of the RMDB will catalyze development, boost trade, and unlock funding for critical maritime infrastructure.”
A Major Step for Regional Maritime Finance
The launch of RMDB marks the culmination of a project first approved in 2009 by member states of the Maritime Organisation of West and Central Africa (MOWCA).
The minister acknowledged the long delay in bringing the bank to fruition, stating that President Tinubu’s decisive intervention has broken yet another institutional deadlock, injecting fresh momentum into Nigeria’s maritime sector.
“This approval marks the historic takeoff of a project that has been in the works since 2009. The long delay in operationalizing the institution is now over, with President Tinubu breaking yet another jinx and giving a much-needed boost to the regional maritime sector,” Oyetola stated.
He emphasized that this moment is of great significance not only for Nigeria but for the entire West and Central African sub-region, ushering in a new era of maritime financial support, trade expansion, and infrastructure development.
What you should know
- In March, the Chairman of the Chartered Institute of Logistics and Transport, Cross River State, Aniefiok Iton, noted that issues such as bureaucratic bottlenecks, old infrastructure at seaports, and foreign exchange instability are frustrating maritime traders in Nigeria.
- She argued that the infrastructure in Nigerian ports is old and inadequate, adding that hundreds of Nigerian vessels have to move to Ghana for routine maintenance as the facilities for such are no longer available in Nigeria.
- She said the Nigerian government can boost its blue economy and fully maximize the potential of the maritime sector by addressing these challenges.
