Nigeria has obtained an investment of $600 million in port infrastructure from the Danish shipping company AP Moller-Maersk, the presidency said yesterday in a press release.
The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman 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 in Saudi Arabia.
President Tinubu noted that this investment would complement the administration’s current $1 billion investment in the reconstruction of the eastern and western seaports of Nigeria. He added that he would further support efforts to modernize the country’s ports and automate port processes through his administration’s implementation of the National Single Window Project, which aims to strengthen trade facilitation, facilitate import/export flows, reduce corruption in ports, while improving the efficiency and transparency of port processes in Nigeria.
“ We saw a significant opportunity for Nigeria to meet the needs for larger container ships. Historically, most of the West African coastline has already been served by smaller ships. We currently see an opportunity to deploy larger vessels in Nigeria. To achieve this, we need to expand port infrastructure, especially in Lagos, where we need a greater logistics services platform » said the president of Maersk.
The Danish company has already made investments of more than $2 billion in Nigerian ports and other activities, he added.
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