President Bola Tinubu has successfully attracted a $600 million investment from the Danish shipping and logistics firm, A.P Moller-Maersk.
This investment is aimed at enhancing the current port infrastructure in Nigeria to support an increased number of container shipping services.
During a meeting on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, Mr. Robert Maersk Uggla, Chairman of A.P Moller-Maersk, shared the decision he made while discussing with President Tinubu.
President Tinubu highlighted that this new investment will support the government’s existing $1 billion initiative to enhance and rebuild seaports in both the eastern and western regions of Nigeria.
The President emphasized that the national single window project, part of his administration’s initiatives, will enhance trade facilitation and streamline import/export processes. Additionally, it will contribute to the modernization and automation of the country’s ports, thereby reducing corruption, and improving efficiency and transparency in Nigeria’s port operations.
He said, “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.
“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,”
