President Bola Tinubu has secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, yesterday.
Tinubu noted that this investment would complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
The President added that it would further support the country’s port modernization efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.
A statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, quoted the Tinubu as saying: “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.”
The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country. He cited Maersk’s previous partnership in the development of Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.
