President Bola Tinubu has secured a significant investment deal worth $600 million with A.P Moller-Maersk, a Danish shipping and logistics giant, to boost Nigeria’s seaport infrastructure.
Mr Robert Maersk Uggla, Chairman of A.P Moller-Maersk, announced the investment decision in a Sunday meeting with President Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia.
Additionally, he emphasized the investment’s role in modernizing ports and streamlining processes through initiatives like the national single window project.
He said: “We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.
“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships.”
He assured Maersk of his administration’s commitment to providing an enabling environment for businesses to flourish in Nigeria.
However, he cited past successful collaborations such as the development of the Ogun State container terminal.
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Chairman Robert Maersk Uggla reiterated Maersk’s confidence in Nigeria’s potential, noting the country’s significance as the most populous in Africa.
“We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships,” Chairman Maersk stated.
Furthermore, he added that the investment marks another milestone in Nigeria’s efforts to enhance its maritime sector and attract foreign investment.
