President Bola Tinubu has achieved a remarkable milestone by securing a $600 million investment deal with the Danish shipping and logistics giant, A.P Moller-Maersk. The investment aims to fortify Nigeria’s port infrastructure to meet the escalating demand for container shipping services.
The announcement came from Mr. Robert Maersk Uggla, Chairman of A.P Moller-Maersk, following a pivotal meeting with President Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia.
Tinubu highlighted the alignment between this investment and the government’s ongoing $1 billion initiative for seaport reconstruction across Nigeria’s eastern and western seaports. He stressed its role in advancing port modernization and process automation, driven by the national single window project, which aims to streamline trade facilitation and enhance import/export processes while combating corruption and improving overall port efficiency and transparency.
Acknowledging Maersk’s continuous partnership, Tinubu reaffirmed the government’s dedication to creating a conducive business environment. He referenced Maersk’s past collaboration in developing the Ogun State container terminal as evidence of successful partnerships.
Chairman Robert Maersk Uggla highlighted Maersk’s extensive involvement in Nigeria, with investments exceeding $2 billion in Nigerian ports and related endeavors. He underscored the potential for Nigerian ports to accommodate larger container ships and stressed the importance of expanding port infrastructure, especially in Lagos, to meet this demand and lower logistics costs.