During a sideline meeting at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, President Bola Tinubu announced a significant investment agreement between Nigeria and Danish shipping giant A.P Moller-Maersk. The agreement entails a $600 million investment to enhance existing port infrastructure and accommodate more container shipping services in Nigerian ports.
Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, revealed the decision during discussions with President Tinubu, underscoring the company’s commitment to Nigeria’s economic growth and development.
President Tinubu highlighted the investment’s alignment with the government’s ongoing $1 billion investment in seaport reconstruction across eastern and western seaports. He emphasized that the infusion of funds would bolster port modernization efforts and support the national single window project, aimed at streamlining trade facilitation and enhancing port processes’ efficiency and transparency.
In a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, President Tinubu expressed gratitude for A.P Moller-Maersk’s continued partnership and contributions to Nigeria’s economy. He reiterated the government’s commitment to creating an enabling environment for businesses to thrive, citing Maersk’s past collaboration in developing Ogun State container terminal as a testament to successful partnerships.
Mr. Robert Maersk Uggla reaffirmed Maersk’s confidence in Nigeria’s future, citing the country’s immense potential and strategic significance. He disclosed that A.P Moller-Maersk had already invested over $2 billion in Nigerian ports and related activities, underscoring the company’s long-term commitment to Nigeria’s growth trajectory.
Uggla emphasized the need to expand port infrastructure, particularly in Lagos, to accommodate larger container ships and optimize logistics operations. He outlined plans to invest $600 million in existing facilities to facilitate the handling of bigger ships, expressing optimism about Nigeria’s prospects as the most populous country in Africa.
