President Bola Tinubu has secured an investment deal worth $600 million with Danish shipping and logistics firm A.P Moller-Maersk to expand port infrastructure in Nigeria. This deal aims to accommodate more container shipping services in Nigerian ports, particularly in Lagos.
According to a statement by special adviser on media and Publicity, Ajuri Ngelale, the deal was announced during a 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 in Riyadh, Saudi Arabia.
Uggla expressed optimism about Nigeria’s growth potential, stating that the company sees an opportunity to deploy larger ships to Nigeria. However, this requires expanding port infrastructure, especially in Lagos, to create a bigger hub for logistics services.
“We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships,” Uggla said.
President Tinubu appreciated the firm’s contributions to the Nigerian economy and encouraged further investment. “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,” Tinubu said.
The President further stated the need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships. This deal is expected to boost Nigeria’s port capacity and enhance its economic growth.
