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President Bola Tinubu has successfully secured a $600 million investment from A.P Moller-Maersk, a Danish shipping and logistics company, to enhance the current port infrastructure in Nigerian ports and accommodate more container shipping services.
The Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, announced this decision during a meeting with the Nigerian leader at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia.
In a statement released by his spokesperson, Ajuri Ngelale, Tinubu emphasized that this investment would complement the government's ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
He also highlighted that it would further support the country’s port modernization efforts and port process automation through the implementation of the national single window project, aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, and improving the efficiency and transparency of port processes in Nigeria.
Tinubu expressed appreciation for the contribution of A.P Moller-Maersk to Nigeria's economy and emphasized the government's commitment to creating an enabling environment for businesses to thrive in the country.
He also mentioned the need to encourage more investment opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ones.
The President assured Maersk of his administration’s dedication to collaboration and cited their previous partnership in developing the Ogun State Container Terminal as evidence of successful cooperation with the reputable logistics company.
