The President and Chief Executive Officer of the Regional Maritime Development Bank (RMDB), Adeniran Aderogba, said financing is currently being secured for a $150 million upgrade and expansion of a major shipyard in Nigeria.

This investment, he said, would catalyze the transformation of ship repair and maintenance capabilities across the West and Central African sub-regions, representing a bold first step in RMDB’s commitment to revitalising the region’s maritime sector.

Speaking on the bank’s operational roadmap, Aderogba emphasised that this landmark project will position Nigeria and the broader sub-region as a strategic hub for vessel servicing, reducing reliance on foreign facilities and significantly cutting 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. We are strategically focused on directing developmental momentum into critical areas of the maritime sector across West and Central Africa,” Aderogba said.

According to him, the bank’s blueprint lays strong emphasis on deepening regional integration through interconnected trade facilitation mechanisms, while also expanding shipping capacity, shipbuilding, and maintenance infrastructure.

Beyond port infrastructure and shipping, he said, RMDB is also casting a wide net across aquaculture and aqua tourism, with plans to back emerging sectors that can enhance food security, create jobs, and attract investment into coastal communities.

“Our objective is to champion a sustainable maritime economy. That means introducing clean energy solutions for maritime operations, ensuring environmental orderliness, and prioritising wreck removal and maritime waste management programme,” Aderogba noted. He said one of RMDB’s most ambitious targets is to construct a comprehensive maritime value chain across the subregion.

This includes the development of clusters for legal, financial, audit, accounting, insurance, ship brokerage, and shipping agency services, all designed to professionalise and deepen sectoral offerings for local and international investors.

He further stressed that the $150 million shipyard expansion is not just a standalone infrastructure project but a strategic enabler that will spur a wave of localised services and increase Nigeria’s ability to retain maritime business within the West and Central Africa subregion, thus reducing capital flight and stimulating economic growth at home.