Maritime Organisation of West and Central Africa (MOWCA) is looking to enhance maritime investment, entrepreneurship, and job creation, aligning with President Bola Tinubu’s economic growth agenda.
Secretary-General of MOWCA, Dr. Paul Adalikwu disclosed this recently when he met with Nigeria’s Finance Minister Wale Edun to discuss the establishment of the Regional Maritime Development Bank (RMDB).
During the meeting, Dr. Adalikwu highlighted the RMDB’s potential to address financing challenges in Nigeria’s maritime sector and other MOWCA member states.
The bank is expected to facilitate maritime infrastructure development, including vessel procurement, jetty construction, and port facility enhancements, along with technical assistance for capacity building.
Dr. Adalikwu also presented various financing models tailored for the maritime sector, which could expedite Nigeria’s economic objectives.
He expressed gratitude for the establishment of the Ministry of Marine and Blue Economy and urged for a strong partnership between Nigeria and MOWCA, emphasizing the potential for significant economic benefits.
Minister Edun responded enthusiastically, praising Dr. Adalikwu’s efforts to enhance MOWCA’s impact.
He recognized the RMDB as a specialized entity designed to meet the financial needs of the marine and blue economy sector and assured Dr. Adalikwu of the federal government’s support for the bank’s establishment.
The key objectives of the RMDB include enhancing maritime investment, entrepreneurship, and job creation.
The bank will address financing challenges in the maritime sector, facilitating infrastructure development and technical assistance. A strong partnership between Nigeria and MOWCA is also crucial for maximizing economic benefits.
This development is expected to boost Nigeria’s maritime sector and contribute to the country’s economic growth.
With the federal government’s support, the RMDB is poised to become a vital instrument in achieving President Tinubu’s economic agenda.
The meeting demonstrates the federal government’s commitment to supporting initiatives that drive economic growth and development.
The establishment of the RMDB is a significant step towards unlocking the potential of Nigeria’s maritime sector.
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