PRESIDENT TINUBU SECURES $600 MILLION INVESTMENT FROM MAERSK FOR NIGERIAN SEAPORT INFRASTRUCTURE EXPANSION
In a groundbreaking development, President Bola Tinubu has successfully secured a monumental investment of $600 million from Danish shipping and logistics giant, A.P Moller-Maersk, aimed at expanding existing port infrastructure to accommodate more container shipping services in Nigerian ports.
The announcement came during a high-level meeting between President Tinubu and Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, on Sunday.
President Tinubu expressed gratitude for the substantial investment, highlighting its significance in complementing the administration’s ongoing $1 billion investment in seaport reconstruction across both eastern and western seaports of Nigeria. He emphasized that this initiative would further bolster the country’s port modernization efforts and port process automation through the implementation of the national single window project.
“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,” President Tinubu remarked.
The President reaffirmed his administration’s commitment to fostering an enabling environment for businesses to thrive in Nigeria, citing Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful collaborations with the esteemed logistics company.
Chairman Robert Maersk Uggla expressed confidence in Nigeria’s potential and reiterated Maersk’s commitment to investing in the country’s port infrastructure. He emphasized the need to expand port facilities, particularly in Lagos, to accommodate larger container ships and reduce logistics costs.
“We have seen a significant opportunity for Nigeria to cater for larger container ships…To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify,” stated Chairman Uggla.
The $600 million investment from Maersk is a testament to Nigeria’s growing appeal as an investment destination and underscores the country’s immense potential in the maritime sector. This landmark agreement represents a significant milestone in advancing Nigeria’s economic growth and development.
