In a move aimed at curbing Nigeria’s staggering annual loss of $1.25 billion resulting from the absence of functional shipyards, the Regional Maritime Development Bank (RMDB) has announced that it is securing financing for a $150 million upgrade and expansion of a major shipyard in the country.
NATIONAL ECONOMY reports that Nigeria continues to lose approximately $1.25 billion yearly due to the outsourcing of vessel dry-docking and repairs to foreign shipyards, particularly in Togo and Ghana.
However, speaking exclusively to NATIONAL ECONOMY on the bank’s operational roadmap, the president and chief executive officer of RMDB, Adeniran Aderogba, disclosed that the investment will drive the transformation of ship repair and maintenance capabilities across West and Central Africa, marking a bold first step in RMDB’s broader agenda to revitalise the region’s maritime sector.
Aderogba explained that the landmark project would strategically position Nigeria and the wider sub-region as a hub for vessel servicing, significantly reducing dependence on foreign facilities and cutting turnaround times for shipowners operating within 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 stated.
He further noted that the bank’s blueprint places strong emphasis on deepening regional integration through interconnected trade facilitation mechanisms while expanding shipping capacity, shipbuilding, and maintenance infrastructure.
Beyond port infrastructure and shipping, RMDB is also setting its sights on sectors such as aquaculture and aquatourism, with plans to support emerging industries that can enhance food security, create employment, and attract investments 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 programs,” he added.
According to Aderogba, one of RMDB’s most ambitious targets is the construction of 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 aimed at professionalising and deepening sectoral offerings for both local and international investors.
He stressed that the $150 million shipyard expansion goes beyond infrastructure and serves as a strategic enabler to spur a wave of localised services and boost Nigeria’s capacity to retain maritime business within the West and Central African subregion.
“This will spur a wave of localised 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.
