Shipping containers are seen at the Port of Montreal in Montreal, Canada, on February 2, 2025. Canada will hit back at US tariffs with 25 percent levies of its own on select American goods, Prime Minister Justin Trudeau said on February 1. “Canada will be responding to the US trade action with 25 percent tariffs against Can$155 billion ($106 billion) worth of American goods,” he said in a dramatic tone as he warned of a fracture in longstanding Canada-US ties. (Photo by ANDREJ IVANOV / AFP)
By Godwin Oritse
The Regional Maritime Development Bank (RMDB) said it has secured a $150 million facility for upgrade and expansion of a major shipyard in Nigeria.
The President and Chief Executive Officer of the Regional Maritime Development Bank (RMDB), Mr. Adeniran Aderogba, disclosed this, saying the fund will serve as a catalyst for 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.
Speaking on the Bank’s operational roadmap, Aderogba said 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.”
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