Maritime Bank secures $150m financing for Nigeria’s Shipyard

The Regional Maritime Development Bank (RMDB), a leading financial institution, has successfully secured a $150 million (about N240 billion) financing deal for the development of a shipyard in Nigeria. This significant investment is expected to boost the country’s maritime industry and create new economic opportunities. The President and Chief Executive Officer of the Regional Maritime […]

The Regional Maritime Development Bank (RMDB), a leading financial institution, has successfully secured a $150 million (about N240 billion) financing deal for the development of a shipyard in Nigeria.

This significant investment is expected to boost the country’s maritime industry and create new economic opportunities.

The President and Chief Executive Officer of the Regional Maritime Development Bank (RMDB), Mr Adeniran Aderogba, who made the disclosure while flagging off the bank’s operational roadmap revealed that the financing is currently being secured for a $150 million upgrade and expansion of a major shipyard in Nigeria.

This investment, he said, will serve as a catalyst for 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.

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.

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“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,” he said.

He said 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, 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,” Aderogba noted. “That means introducing clean energy solutions for maritime operations, ensuring environmental orderliness, and prioritising wreck removal and maritime waste management programmes.”

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.

“This will spur a wave of localized services and increase our ability to retain maritime business within the West and Central Africa subregion, thus reducing capital flight and stimulating economic growth at home,” he explained.