$1.25bn Annual Loss: Maritime Bank Secures $150m To Upgrade Shipyards

To stall the annual loss of $1.25 billion due to the absence of a functional shipyard in Nigeria, the Regional Maritime Development Bank (RMDB) has announced that financing is currently being secured for a $150 million upgrade and expansion of a major shipyard in Nigeria.

LEADERSHIP reports that the lack of functional shipyards have cost Nigeria an annual loss of $1.25 billion. The loss is attributed to vessels needing dry docking and repairs being sent to foreign shipyards in Togo and Ghana.

However, speaking to LEADERSHIP on the Bank’s operational roadmap, the president and chief executive officer of RDMB, Adeniran Aderogba, said the investment will catalyze the transformation of ship repair and maintenance capabilities across the West and Central African sub-regions, representing a bold first step in RMDB’s commitment to revitalising the region’s maritime sector.

Aderogba emphasised that this landmark project will position Nigeria and the broader subregion as a strategic hub for vessel servicing, reducing reliance on foreign facilities and significantly cutting 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. We are strategically focused on directing developmental momentum into critical areas of the maritime sector across West and Central Africa,” Aderogba said.

According to him, the Bank’s blueprint lays strong emphasis on deepening regional integration through interconnected trade facilitation mechanisms, while also expanding shipping capacity, shipbuilding, and maintenance infrastructure.

Beyond port infrastructure and shipping, RMDB is also casting a wide net across 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 noted. “That means introducing clean energy solutions for maritime operations, ensuring environmental orderliness, and prioritising wreck removal and maritime waste management programs.”

He said one of RMDB’s most ambitious targets is to construct 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 designed to professionalise and deepen sectoral offerings for local and international investors.

He further stressed that the $150 million shipyard expansion is not just a standalone infrastructure project but a strategic enabler.

“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.

With operations now officially underway, RMDB’s entry signals a turning point in maritime development for Africa. As the region seeks to take fuller advantage of its vast maritime domain, the Bank’s approach promises a structured and sustainable path forward — anchored in regional ownership, environmental responsibility, and industrial growth.