RMDB Boss Calls for Domestic Financing Reforms to Unlock Africa’s Mining Potential
Oluchi Chibuzor
The President/CEO of the Regional Maritime Development Bank (RMDB), Mr. Adeniran Aderogba, has urged African nations to confront the structural and financial barriers that continue to hinder the continent’s mining sector.
Speaking during a high-level panel discussion on, “Mobilizing Domestic Capital for Africa’s Mining Sector,” at the African Development Bank (AfDB) Annual Meetings recently concluded in Abidjan, Côte d’Ivoire, Aderogba painted a sobering picture of a region brimming with mineral wealth yet stalled by systemic weaknesses that prevent meaningful development and value creation.
Aderogba highlighted four persistent constraints obstructing the sector’s growth: a crippling shortage of early-stage capital, the absence of quality geological data, weak development activity, and a chronic lack of integrated infrastructure. These issues, he said, are not merely technical bottlenecks but foundational deficiencies that continue to blunt Africa’s competitiveness and discourage long-term investment.
“Africa’s mineral wealth is not in question — our challenge is transforming potential into productivity,” Aderogba said. “We are facing a systemic shortage of early-stage capital that discourages exploration, limits geological mapping, and stalls project preparation. Without addressing these constraints, the full value of our resources will remain trapped underground.”
He lamented that while financial institutions on the continent are increasingly interested in value-added ventures like processing and manufacturing, the upstream segment — where mining projects are initiated and developed — remains largely unfunded due to its perceived risk. Local financial institutions, he noted, are often reluctant to fund early-stage exploration because of uncertain returns and limited mechanisms to mitigate risk. He proposed that African governments and central banks adopt a more assertive role in shaping a viable investment environment, including deploying credit enhancement tools and fiscal incentives.
To bridge the financing gap, Aderogba outlined a strategic suite of financial innovations. These include the introduction of mining bonds, mineral royalty securitization, and blended finance models that combine public and private funds to de-risk investments. He also emphasized the importance of public-private partnerships and the urgent need to strengthen project preparation capacity across the continent.
