By Enyichukwu Enemanna
Nigeria is to host the first Regional Maritime Development Bank (RMDB), a project first approved since 2009 by the Maritime Organisation of West and Central Africa (MOWCA), the country’s Minister of Marine and Blue Economy, Adegboyega Oyetola, announced on Thursday.
The RMDB is expected to be a dedicated financial institution that will provide long-term funding solutions for port infrastructure, fleet acquisition, shipping logistics, and intermodal transport systems.
Nigeria has long sought to develop its infrastructure base to strengthen development and boost the economy battered by inflation, high cost of living, and rising debt profile.
“This is a moment of great significance for Nigeria and the entire West and Central African sub-region,” Dr Bolaji Akinola, Media and Communications Adviser to the Minister, said in a statement, referring to the approval of RMDB by President Bola Tinubu.
The long delay in operationalising the institution is now over, with President Tinubu breaking yet another jinx and giving a much-needed boost to the regional maritime sector, the statement says.
The Minister said the approval marks the historic take-off of a project that has been in the works since 2009. He also praised the appointment of Mr Adeniran Aderogba as the bank’s first President and Chief Executive Officer, saying he brings over three decades of strategic experience in maritime administration, finance, and investment.
According to an expert, infrastructure in Nigerian ports is old and inadequate, saying that hundreds of Nigerian vessels have to move to Ghana for routine maintenance as the facilities for such are no longer available in Nigeria.
Aniefiok Iton, the Chairman of the Chartered Institute of Logistics and Transport, Cross River State, said the Nigerian government can boost its blue economy and fully maximise the potential of the maritime sector by addressing these challenges.
