Regional Maritime Development Bank Secures $150 million Financing Deal For Major Nigerian Shipyard Upgrade

The Regional Maritime Development Bank (RMDB) has secured a financing deal worth $150 million for the upgrade and expansion of a major shipyard in Nigeria.

The deal, which was confirmed by Adeniran Aderogba, the president and CEO of the RMDB is expected to  “spur a wave of localised services” and increase the bank’s ability to retain maritime business within the West and Central Africa subregion.

“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,” He said.

There is however, very little talk about the source of funds and accessibility of capital, even though the bank secured adequate take-off capital from the Federal Government of Nigeria upon its launch in May.

Target Shipyard

The shipyard that would benefit from the planned upgrade and expansion is still unclear but 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 have all been speculated.

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

Adeniran Aderogba noted this investment, will catalyse the transformation of ship repair and maintenance capabilities across the West and Central African subregions, representing a bold first step in RMDB’s commitment to revitalising the region’s maritime sector.

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.

Other RMDB Interests

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.

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