Emmanuel Ojukwu
Nigeria has reportedly secured a $600 million investment in seaport infrastructure from Danish shipping giant A.P. Moller-Maersk.
The investment was finalized during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla at the World Economic Forum in Saudi Arabia.
“We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships,” the Nigerian presidency quoted Uggla as saying during the meeting.
Nigeria pledges to overhaul its ports, particularly in Lagos, to alleviate congestion that hampers businesses. Tinubu affirmed the government’s commitment to supporting the modernization and automation of ports to enhance trade, minimize corruption, and increase efficiency.
“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” he said. “We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships”, he said.
