A.P Moller-Maersk, the Danish shipping and logistics giant, unveiled plans to inject $600 million into expanding existing port infrastructure in Nigerian ports to accommodate more container shipping services. The announcement came after closed-door discussions between President Bola Tinubu and the company’s Chairman, Mr. Robert Maersk Uggla, during the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia.
In a statement titled ‘President Tinubu meets Chairman of Danish shipping giant Maersk; secures $600 million investment in Nigerian seaport infrastructure,’ the President’s official spokesperson, Ajuri Ngelale, disclosed the outcome of the talks. Mr. Maersk affirmed the company’s belief in Nigeria and its commitment to investing $600 million in existing facilities to accommodate larger ships, adding to Maersk’s existing investments of over $2 billion in Nigerian ports and other activities.
President Tinubu hailed the investment as complementary to the administration’s ongoing $1 billion investment in seaport reconstruction across Nigeria’s eastern and western seaports. He highlighted the importance of modernizing ports and implementing the national single window project to enhance trade facilitation, reduce corruption, and improve efficiency and transparency in port processes.
Acknowledging Maersk’s contributions to Nigeria’s economy, Tinubu emphasized the country’s potential for revenue expansion and pledged his administration’s commitment to creating an enabling environment for businesses to thrive. Mr. Maersk reiterated the company’s long-term engagement in Nigeria and expressed confidence in the country’s future, citing significant opportunities for Nigerian ports to accommodate larger container ships.
Highlighting Nigeria’s status as the most populous country in Africa, Mr. Maersk stressed the need to expand port infrastructure, especially in Lagos, to cater to growing demand and reduce logistics costs. The trade relationship between Nigeria and Denmark, characterized by a steady exchange of goods and services, underscores the importance of fostering partnerships to boost employment and economic growth.