President Bola Tinubu has secured an investment of $600 million from Danish shipping and logistics company, A P Moller-Maersk, to enhance Nigeria’s seaport infrastructure.
The investment aims to expand existing port facilities to accommodate larger container ships and increase container shipping services in Nigerian ports.
During a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, Chairman of A P Moller-Maersk, Robert Uggla, announced the investment.
Tinubu welcomed the investment, adding that it will complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
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The President disclosed that the investment will support the country’s port modernization efforts and port process automation through the implementation of the national single window project.
Also, the project aims to enhance trade facilitation, ease import/export flow, reduce corruption at the ports, and improve the efficiency and transparency of port processes in Nigeria.
Tinubu thanked Maersk’s contribution to Nigeria’s economy and assured the company of his administration’s commitment to creating an enabling environment for businesses to thrive.
He pointed out Maersk’s previous successful partnership in the development of the Ogun State container terminal as a testament to fruitful collaborations.
Uggla cited Maersk’s long-standing engagement in Nigeria and belief in the country’s future, citing significant investments of over $2 billion in Nigerian ports and other activities.
He highlighted the potential for Nigerian ports to accommodate larger container ships and the need for expanding port infrastructure to meet the demand, reducing logistics costs.
Uggla revealed eagerness to continue exploring further investment opportunities with Nigerian authorities.
He reiterated that Maersk’s investment of $600 million will focus on expanding existing facilities to accommodate bigger ships, with the goal of making Nigeria’s ports the best and biggest in Africa.
