The Regional Maritime Development Bank (RMDB) is urging African governments and investors to shift focus from foreign loans to mobilising homegrown capital for infrastructure and industrial development.
At the African Natural Resources and Energy Investment Summit held in Abuja, Adeniran Aderogba, the RMDB President said Africa cannot build resilient economies while relying solely on external finance.
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Africa’s external debt has more than doubled in the past decade. As of 2023, African countries collectively owe up to $685.5 billion to external creditors, and are expected to surpass $1.3 trillion by 2025.
He said a more deliberate approach is needed by local financial institutions and instruments to fund critical sectors such as energy, logistics, and maritime infrastructure.
“If we are serious about sustainable development, we must stop relying solely on external capital,” Aderogba said. “Africa needs to harness its own domestic financial networks.”
He argued that without strong local financial backing, local content policies risk becoming hollow, as many projects are still designed and financed abroad.
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The RMDB, originally set up to address gaps in maritime and trade infrastructure, says it is now expanding its role to support broader development finance needs.
Aderogba also warned against fragmented strategies and poor coordination, which have plagued past investments. He said stronger collaboration between governments, lenders, and private players is needed to align funding with regional development priorities and properly assess project risks.
