The Regional Maritime Development Bank (RMDB) has secured $150 million in financing to upgrade and expand a major shipyard facility in the country. This transformative investment is expected to reposition Nigeria—and by extension, West and Central Africa—as a strategic hub for vessel repair, maintenance, and maritime innovation.
The President and Chief Executive Officer of RMDB, Adeniran Aderogba, announced the financing move during a recent unveiling of the bank’s operational roadmap. He described the investment as a “bold first step” in RMDB’s commitment to empowering indigenous maritime players and building the foundation for a self-reliant, sustainable maritime economy across the subregion.
“As we officially kick off operations at the Regional Maritime Development Bank, our foremost priority is the empowerment of indigenous maritime players,” Aderogba stated. “We are strategically focused on directing developmental momentum into critical areas of the maritime sector across West and Central Africa.”
The $150 million upgrade is more than just a facelift for a shipyard. It signals a broader strategic shift aimed at reducing Africa’s overdependence on foreign ship repair and maintenance services—an issue that has long plagued the continent’s maritime logistics.
For decades, African shipowners have been forced to sail their vessels to Europe or Asia for repairs, incurring enormous costs and delays. The upgraded Nigerian facility, backed by RMDB’s financing, is expected to significantly cut turnaround times and attract regional vessel operators seeking faster, more cost-efficient servicing within African waters.
“This initiative is not just a standalone infrastructure project but a strategic enabler that will increase Nigeria’s ability to retain maritime business and reduce capital flight,” Aderogba explained.
Beyond shipyard expansion, RMDB’s operational blueprint aims to build a comprehensive maritime value chain. This includes boosting regional shipping capacity, supporting shipbuilding, and developing integrated services such as maritime legal, financial, audit, insurance, and ship brokerage operations. The bank’s vision is to foster a professionally structured maritime industry that is attractive to both local and foreign investors.
RMDB is also looking beyond port infrastructure and vessel servicing. Aderogba highlighted the bank’s commitment to supporting aquaculture and aqua tourism, sectors with the potential to boost food security, create jobs, and draw investments into underdeveloped coastal communities.
As part of its long-term agenda, RMDB is also prioritizing environmental sustainability. According to Aderogba, the bank will champion clean energy transitions for maritime operations and implement robust maritime waste management programmes, including wreck removal and ocean pollution control.
“Our objective is to champion a sustainable maritime economy,” he said. “This includes introducing clean energy solutions, ensuring environmental orderliness, and strengthening the blue economy framework for the entire region.”
The RMDB initiative is expected to deepen regional integration by enhancing interconnected trade facilitation mechanisms across West and Central Africa. The shipyard financing marks the first of many infrastructure rollouts planned by RMDB to make maritime logistics more seamless within the continent, while also attracting non-African partners interested in strategic shipping routes through the Gulf of Guinea.
Industry experts have welcomed the development, noting its potential to reduce Africa’s $1 billion annual maritime service import bill and drastically cut capital outflows.
With $150 million already lined up for shipyard expansion and a clear roadmap for maritime revitalisation, RMDB is positioning itself as a key driver of Africa’s maritime renaissance. By investing in critical infrastructure and sustainable practices, the bank is not only transforming Nigeria’s coastal economy but also paving the way for regional dominance in vessel servicing and blue economy leadership.
As Aderogba succinctly put it, “This is the future of maritime development in Africa—and Nigeria is leading the way.”