In a decisive move aimed at revolutionizing maritime trade and infrastructure financing across West and Central Africa, President Bola Ahmed Tinubu has approved the official launch of the long-anticipated Regional Maritime Development Bank (RMDB), appointing seasoned financial expert Adeniran Aderogba as the bank’s pioneer Chief Executive Officer.
This marks a historic turning point for the maritime sector, as the RMDB—first proposed in 2009 under the auspices of the Maritime Organisation of West and Central Africa (MOWCA)—has suffered years of inertia due to political and bureaucratic delays among member states.
President Tinubu’s bold action signals Nigeria’s renewed commitment to regional integration, economic growth, and the development of critical transport and logistics infrastructure. By giving the green light for the bank’s operations and naming a competent helmsman to lead it, Tinubu has not only broken the jinx but also positioned Nigeria at the forefront of regional maritime leadership.
Adeniran Aderogba, who will now steer the vision of the RMDB, brings decades of experience in development banking, international finance, and infrastructure policy. His appointment is being hailed as a strategic move, as stakeholders believe he has the competence to rally support from member countries and attract private sector investment into port modernization, shipyard facilities, maritime training, and coastal transport systems.
The bank is expected to provide long-term, low-interest loans to both public and private sector players across the sub-region, enabling investments in neglected but vital maritime infrastructure that are essential for trade, economic diversification, and regional security.
Sources within the Tinubu administration described the president’s intervention as “timely and visionary,” especially as global attention shifts towards Africa’s blue economy potential. Analysts say this move could unlock billions in trade, reduce dependency on foreign shipping lines, and create jobs for millions of young Africans.
With Nigeria’s economic diversification drive gaining momentum, the activation of the Regional Maritime Development Bank places the country in a strong position to lead Africa’s maritime renaissance. The next challenge will be implementation—and all eyes are now on Adeniran Aderogba to chart the course.