President Bola Tinubu has successfully secured a significant investment of $600 million from A.P Moller-Maersk, a leading Danish shipping and logistics company, to enhance and expand Nigeria’s seaport infrastructure. This investment aims to accommodate larger container ships and improve the country’s port facilities.
The announcement was made during a meeting between President Tinubu and Mr. Robert Maersk Uggla, Chairman of A.P Moller-Maersk, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday.
President Tinubu expressed his appreciation for Maersk’s continued investment in Nigeria, highlighting the company’s previous partnership in developing the Ogun State container terminal.
He assured Maersk of his administration’s commitment to creating an enabling environment for businesses to thrive, citing various reforms aimed at encouraging investments and minimizing trans-shipments.
Chairman Uggla emphasized Maersk’s belief in Nigeria’s potential, having already invested over $2 billion in the country’s ports and activities.
He stressed the need for expanded port infrastructure to accommodate larger container ships, reduce logistics costs, and unlock Nigeria’s growth potential.
The investment will complement the Nigerian government’s ongoing $1 billion investment in seaport reconstruction and modernization efforts, including the national single window project. This project aims to enhance trade facilitation, ease import/export flow, reduce corruption, and improve port process efficiency and transparency.
President Tinubu and Chairman Uggla expressed their commitment to continued collaboration, exploring further investment opportunities to strengthen Nigeria’s position as a hub for logistics services in West Africa.
