Maritime bank fuels hope for Nigeria’s ports, shipping sector revamp

…$44bn maritime economy, N2.5trn losses underscore urgency

Sixteen years after its conception, the long-awaited Regional Maritime Development Bank (RMDB) has finally taken off.

With Nigeria confirmed as the host country, and a Nigerian and maritime expert, Adeniran Aderogba, appointed as its first president and CEO, expectations are high that the bank will provide the long-term funding the sector has long lacked.

“This is a moment of great significance for Nigeria and the entire West and Central African sub-region,” said Adegboyega Oyetola, the minister of marine and blue economy, “After 16 years of waiting, the Regional Maritime Development Bank is finally taking off.”

The RMDB will act as a dedicated lender for maritime development across West and Central Africa, providing capital for port upgrades, ship financing, logistics, and intermodal systems. Its establishment couldn’t come at a more critical time for Nigeria.

Despite being Africa’s largest economy, Nigeria continues to bleed value due to decaying port infrastructure and systemic inefficiencies.

Reports show businesses lose an estimated N2.5 trillion annually to congestion, outdated facilities, and bureaucratic delays at the nation’s seaports.

Meanwhile, the potential of the marine and blue economy remains largely untapped. The Nigerian Institution of Marine Engineers and Naval Architects (NIMENA) estimates that the industry could generate up to $44 billion annually if properly structured more than the current combined contribution of oil refining and telecommunications.

“The appointment of Aderogba and the operationalisation of the RMDB will catalyse development, boost trade, and unlock funding for critical maritime infrastructure,” said Oyetola.

Read also: After 16 years, regional maritime development bank takes off with Aderogba as CEO

The Minister described Aderogba, a chartered accountant and former Acting Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), as “a bold and competent choice that will steer the bank from conception to impact.”

Aderogba’s career spans both public and private finance, including key roles at MBC International Bank, First Atlantic Bank, and KPMG.

He has led transactions exceeding $5 billion, including in trade finance and infrastructure development, and helped shape Nigeria’s capital markets through the development of the Nigerian Inter-Bank Offered Rate (NIBOR) and the Nigerian Foreign Exchange Fixing (NAFEX).

His track record is expected to strengthen investor confidence in the new bank, particularly at a time when maritime trade dominates Nigeria’s external sector. In the fourth quarter of 2024, over 98 percent of Nigeria’s exports and 90 percent of imports were transported via sea, according to Nigeria’s foreign trade report..

While Nigeria’s maritime exports for 2024 were valued at N78.4 trillion, 40 percent more than imports, the country’s ports remain overburdened, and ageing terminals struggle to keep up with demand, though modernisation efforts such as the Lekki Deep Sea Port, with a capacity to handle 1.2 million containers annually, are exceptions. The launch of the RMDB is widely seen as a chance to change that narrative.