Minister of Marine and Blue Economy, Adegboyega Oyetola, has reaffirmed Nigeria’s dedication to the leadership of the Maritime Organisation of West and Central Africa (MOWCA) and the Regional Maritime Development Bank being promoted by the Organisation.
During a meeting in Abuja on Thursday with Dr. Paul Adalikwu, MOWCA Secretary General, Oyetola emphasized the significance of the bank as a crucial driver for maritime development to fund platforms and infrastructures for economic growth.
He praised the upcoming MOWCA workshop in Libreville, Gabon, aimed at preventing waterways accidents and expressed interest in hosting similar programs in Nigeria to enhance waterways safety.
The minister urged all MOWCA member countries to contribute to ensuring adequate financing for the maritime bank.
He also assured that Nigeria would be transparent in nominating qualified individuals for positions in the bank, including the President and Managing Director roles.
Oyetola commended Adalikwu for his effective management of the MOWCA Secretariat and promotion of good corporate governance.
He advised thorough due diligence before the bank’s full launch to prevent mistakes from the beginning.
Adalikwu, on his first visit to the minister since the establishment of the marine and blue economy ministry, highlighted Nigeria’s growing involvement in regional maritime affairs.
He mentioned that nine countries have signed up for the bank, surpassing the required eight endorsements for the Charter.
Adalikwu informed the minister that 51% of the bank shares are reserved for member countries, while 49% will be owned by private sector stakeholders.
He also mentioned that MOWCA, under his leadership, has improved accountability and transparency in its operations, providing detailed annual reports to the Council of Ministers and member countries.
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Additionally, Adalikwu shared that the Board of Regional Maritime University in Ghana has approved Nigeria’s invitation to join the board.
The meeting concluded with the exchange of mutual cooperation assurances.
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