President Tinubu secures $600m investment from Maersk for Nigerian seaport infrastructure expansion
President Bola Tinubu has facilitated a transformative investment of $600 million from A.P Moller-Maersk, a prominent Danish shipping and logistics conglomerate, aimed at bolstering and modernizing Nigeria’s seaport infrastructure.
The announcement was made by Chairman Robert Maersk Uggla during a high-level meeting with President Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia.
The substantial investment is intended to support the expansion of existing port facilities, with a specific focus on enhancing capacity to accommodate increased container shipping services across Nigerian ports. President Tinubu emphasized that this strategic partnership aligns closely with his administration’s ongoing $1 billion investment initiative in seaport reconstruction across both eastern and western seaports of Nigeria.
During the meeting, President Tinubu underscored the significance of this investment in advancing the country’s port modernization efforts and port process automation.
He highlighted the implementation of the national single window project as a key component of the government’s commitment to enhancing trade facilitation, streamlining import/export processes, combating corruption, and improving overall efficiency and transparency within Nigerian ports.
“We appreciate your business and the significant contributions you have made to our country’s economy over time. A bet on Nigeria is a winning bet, rewarding beyond compare. We are committed to fostering an environment that encourages more investment opportunities and minimizes logistical challenges,” President Tinubu remarked, expressing his administration’s commitment to facilitating a conducive business environment for international partners like Maersk.
Chairman Robert Maersk Uggla echoed President Tinubu’s sentiments, emphasizing Maersk’s enduring commitment to Nigeria and its belief in the nation’s economic potential.
He highlighted Maersk’s substantial prior investments exceeding $2 billion in Nigerian ports and related activities, underscoring the company’s confidence in Nigeria’s future growth trajectory.
“We have identified a significant opportunity for Nigeria to accommodate larger container ships, which requires expanded port infrastructure, particularly in Lagos, to serve as a pivotal logistics hub,” Chairman Uggla emphasized. “With Nigeria’s status as the most populous country in Africa, there is immense potential for developing world-class port facilities that can handle larger vessels effectively.”
The $600 million investment from Maersk is expected to catalyze transformative changes within Nigeria’s maritime sector, facilitating the adaptation of port facilities to accommodate larger container ships and ultimately reducing logistical costs.
President Tinubu and Chairman Uggla concluded the meeting with a shared commitment to advancing collaborative efforts aimed at further enhancing Nigeria’s port infrastructure and unlocking new avenues for economic growth and development.
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