Nigeria secures $600m seaport infrastructure investment w/ Maersk

Nigeria secured a significant $600 million investment in its seaport infrastructure from Danish shipping giant A.P. Moller-Maersk, according to Reuters citing a statement from the presidency.

The investment deal was finalised during a meeting between President Bola Tinubu and Robert Maersk Uggla, the Chairman of Moller-Maersk, on the sidelines of a World Economic Forum meetings currently held in Saudi Arabia.

Uggla expressed confidence in Nigeria’s potential: “We believe in Nigeria, and we are committed to investing $600 million in upgrading existing facilities and enhancing the capacity of ports to accommodate larger vessels,” according to the Nigerian presidency’s statement.

Nigeria has pledged to modernise its ports, including those in its commercial hub Lagos, aiming to alleviate congestion that hampers business operations.

During the meeting, Tinubu affirmed his government’s commitment to supporting the modernisation and automation of ports, emphasising the goals of enhancing trade, combating corruption, and increasing efficiency.

“A bet on Nigeria is a wise investment. It promises returns that surpass those available elsewhere,” Tinubu remarked. “We must foster more opportunities for revenue growth while minimising the need for trans-shipments from larger to smaller vessels.”