By Joy Baba-Yesufu
Sixteen years after it was first conceived, the long-awaited Regional Maritime Development Bank (RMDB) has finally set sail — with Nigeria as its host and a seasoned maritime expert, Adeniran Aderogba, appointed as its inaugural President and CEO.
The new financial institution is expected to play a pivotal role in overhauling West and Central Africa’s maritime and port infrastructure — a sector long constrained by underfunding and inefficiencies.
“This is a moment of great significance for Nigeria and the entire sub-region,” said Adegboyega Oyetola, Minister of Marine and Blue Economy. “After 16 years of waiting, the RMDB is finally taking off.”
The RMDB is designed to operate as a dedicated development bank for maritime infrastructure, offering long-term capital for port upgrades, vessel acquisition, logistics development, and intermodal transport systems across the region.
Its launch comes at a critical time: Nigeria, despite being Africa’s largest economy, loses an estimated ₦2.5 trillion annually due to port congestion, ageing infrastructure, and bureaucratic red tape.
The blue economy, which encompasses ocean-based economic activities, remains largely untapped. According to the Nigerian Institution of Marine Engineers and Naval Architects (NIMENA), the maritime sector could generate up to $44 billion annually — more than the combined output of Nigeria’s oil refining and telecom sectors — if properly structured and funded.
“The appointment of Aderogba and the operationalisation of the RMDB will catalyse development, boost trade, and unlock funding for critical maritime infrastructure,” Oyetola added.
Aderogba, a chartered accountant and former Acting Director General of NIMASA, brings decades of experience in both public and private finance. His résumé includes leadership roles at MBC International Bank, First Atlantic Bank, and KPMG, as well as involvement in over $5 billion worth of trade and infrastructure transactions. He was also instrumental in shaping Nigeria’s financial markets through innovations like NIBOR and NAFEX.
His appointment is expected to boost investor confidence in the bank, particularly given Nigeria’s heavy dependence on maritime trade. In Q4 2024, over 98% of exports and 90% of imports were transported by sea, according to the national foreign trade report.
Though Nigeria recorded ₦78.4 trillion in maritime exports in 2024 — 40% more than imports — its seaports remain overstretched. Most terminals are outdated, save for recent projects like the Lekki Deep Sea Port, which can handle 1.2 million containers annually.
The RMDB, analysts say, offers Nigeria and the region a rare opportunity to reverse years of infrastructural decline, drive investment, and unlock the full potential of the marine economy.
