Maritime bank gets $150m for Nigerian shipyard upgrade

A financing deal worth $150 million is being secured by the recently launched Regional Maritime Development Bank (RMDB) for the upgrade and expansion of a major shipyard in Nigeria.

The deal was confirmed by Adeniran Aderogba, the president and CEO of the RMDB, which finally took off in May, sixteen years after conception.

The project, he says, will “spur a wave of localised services” and increase the bank’s ability to retain maritime business within the West and Central Africa subregion.

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It is unclear which shipyard will benefit from the project among the major ones in Nigeria, including the Nigerdock FZE and Aussam Shipyards Nigeria, located in Lagos, the West Atlantic Shipyard and Shipside Drydock Ltd, based in Port Harcourt, Starzs Marine Engineering Ltd in Onne, Rivers state.

There is also very little talk about the source of funds and accessibility of capital, however, it has been previously mentioned that the bank secured adequate take-off capital from the Federal Government of Nigeria, where it is headquartered upon launch.

The project, when successfully executed, will also reduce reliance on foreign facilities and “significantly” cut turnaround times for shipowners operating in African waters.

“As we officially kick off operations at the Regional Maritime Development Bank, our foremost priority is the empowerment of indigenous maritime players,” Aderogba said.

The bank is also casting its net across other opportunities in the marine and blue economy, including aquaculture and aquatourism, 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 said. “That means introducing clean energy solutions for maritime operations, ensuring environmental orderliness, and prioritising wreck removal and maritime waste management programs.”

As a target, the bank seeks to develop 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.”