As reported by Reuters, Nigeria has secured a significant $600 million investment in its seaport infrastructure from Danish shipping giant A.P. Moller-Maersk, according to a statement from the presidency.
The investment agreement was finalized during a meeting between President Bola Tinubu and Robert Maersk Uggla, the Chairman of Moller-Maersk, on the sidelines of ongoing World Economic Forum meetings in Saudi Arabia.
Uggla expressed confidence in Nigeria’s potential, stating, “We believe in Nigeria, and we are committed to investing $600 million in upgrading existing facilities and enhancing the capacity of ports to accommodate larger vessels,” as per the Nigerian presidency’s statement.
Nigeria aims to modernize its ports, including those in its commercial hub Lagos, with the goal of easing congestion that currently impedes business operations.
During the meeting, Tinubu reiterated his government’s dedication to supporting the modernization and automation of ports, highlighting objectives such as boosting trade, combating corruption, and enhancing efficiency.
“A bet on Nigeria is a wise investment. It promises returns that surpass those available elsewhere,” Tinubu stated. “We must create more opportunities for revenue growth while minimizing the need for trans-shipments from larger to smaller vessels.”
