President Bola Tinubu has officially approved the establishment of the Regional Maritime Development Bank (RMDB), ending a 16-year delay in the project's implementation. The announcement was made on Thursday by the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja.
Mr. Adeniran Aderogba has been appointed as the pioneer Chief Executive Officer of the bank. According to Minister Oyetola, Aderogba brings over 30 years of experience in maritime administration, finance, and investment to his new role.
"This is a moment of great significance for Nigeria and the entire West and Central African sub-region. After 16 years of waiting, the Regional Maritime Development Bank is finally taking off, thanks to the decisive leadership of President Bola Ahmed Tinubu," Oyetola stated.
The RMDB was initially approved in 2009 by member states of the Maritime Organisation of West and Central Africa (MOWCA) but had remained stalled until President Tinubu's intervention.
The bank will function as a dedicated financial institution supporting various maritime sectors including port infrastructure development, fleet acquisition, shipping logistics, and intermodal transport systems across the region.
Minister Oyetola emphasized that the establishment of the RMDB aligns with President Tinubu's Renewed Hope Agenda, which prioritizes infrastructure growth and regional partnerships to boost economic development.
The bank is expected to play a crucial role in developing the maritime sector across West and Central Africa, potentially creating new opportunities for economic growth and regional integration in the maritime industry.
