Nigeria has secured an investment of $600 million with Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
The Chairman of A.P Moller-Maersk, Robert Maersk Uggla, disclosed this during a meeting with President Bola Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday, April 28, 2024.
Tinubu, according to a statement issued by his spokesman, Ajuri Ngelale, noted that the investment will complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
The president added that it would further support the country’s port modernisation efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports while improving the efficiency and transparency of port processes in Nigeria.
Tinubu 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.
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“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.”
President Tinubu assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.
He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.
Highlighting Maersk’s longstanding engagement in Nigeria and his belief in the future of the country, Uggla said his company had made significant investments of over $2 billion in Nigerian ports and other activities.
He emphasised the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.
He said: “We believe in Nigeria and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.
“In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities.”
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