Tinubu secures $600m seaport infrastructure investment with shipping giant Maersk

President Bola Tinubu has successfully secured a $600 million investment from the Danish shipping and logistics firm A.P. Moller-Maersk to enhance current port infrastructure, aiming to facilitate increased container shipping services in Nigerian ports.

The Chairman of A.P. Moller-Maersk, Mr. Robert Maersk Uggla, revealed this decision during discussions with President Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, on Sunday.

President Tinubu highlighted that this investment would complement the government’s ongoing $1 billion initiative for the reconstruction of seaports across both the eastern and western seaboards of Nigeria. He also stressed how it aligns with the administration’s efforts to modernize ports and automate port processes through the national Single Window project. This initiative aims to enhance trade facilitation, streamline import-export procedures, curb corruption, and enhance the efficiency and transparency of port operations in Nigeria.

Expressing gratitude for Maersk’s commitment to Nigeria’s economy, President Tinubu emphasized the country’s attractiveness for investment and assured of the government’s dedication to fostering a conducive business environment.

Mr. Uggla, in turn, reiterated Maersk’s longstanding engagement in Nigeria and its belief in the nation’s future, highlighting investments of over $2 billion in Nigerian ports and related activities. He underscored the potential for Nigerian ports to accommodate larger container ships, emphasizing the need to expand port infrastructure, especially in Lagos, to meet growing demand and reduce logistics costs.

Uggla emphasized Maersk’s eagerness to invest in Nigeria, envisioning the country as home to the best and largest port in Africa. He pledged to continue dialogue with Nigerian authorities to explore further investment opportunities.