From Suleiman Amagbor, Lagos
The federal has disclosed that an office space is ready for Nigeria to host the headquarters of the proposed Regional Maritime Development Bank (RMDB) in Abuja, stating that the bank’s establishment process is ongoing.
The idea for fellow African countries to cite the headquarters in Nigeria has been a subject of discussions for over ten years and had suffered several setbacks.
However, the Director, Maritime Safety and Security Department in the Ministry of Marine and Blue Economy, Babatunde Hafiz Bombata disclosed that the establishment of the financial institution that will cater for shipping and associated businesses is ongoing, and that Nigeria will host the headquarters and have the highest share among MOWCA member states.
He spoke at a stakeholder’s engagement session in Lagos where he explained that the RMDB is a specialized financial institution aimed at promoting the maritime sector in West and Central Africa.
He said “The bank’s objectives include funding port infrastructure, vessel acquisition, and human capacity development, among others.
The RMDB’s establishment, he said, “was conceived by the Maritime Organisation of West and Central Africa (MOWCA), which comprises 25 countries.”
“The RMDB’s capital base is expected to be $1 billion, with Nigeria having the highest share of 12% among MOWCA member states. The bank will be a private-public sector-driven bank, with 51% shareholding for MOWCA states and 49% for institutional investors.
“The bank’s establishment process is ongoing and an office space has been provided for the bank at the NIMASA, Abuja Office. Its establishment will increase access to funding for the acquisition, construction and repairs of vessels by indigenous shipowners.”
Also, the Director said that the country’s Marine and Blue Economy will contribute over $2.7 billion to national economy as policies that will enable the government meet the target are being worked on.
According to him, the ministry has commenced the process for the development of a National Policy on Marine and Blue Economy that will play a great role in enhancing the performance of the shipping sub-sector and boost trade facilitation as well as economic growth.
The development of the policy, he affirmed will provide a comprehensive framework/blueprint to deliver the expected over $2.7 billion contributions of the marine and blue economic sector to the national economy and tackle revenue leakages, through the envisaged streamlined approach to the management of the sector.
