Nigerian President, Bola Tinubu, has announced a $600 million investment by A.P. Moller-Maersk (Maersk) to improve Nigeria’s port infrastructure and enable additional container shipping services in Nigerian ports.
Robert Maersk Uggla, Chairman of Maersk, announced the decision at 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, on 28 April.
President Tinubu stated that this investment will supplement the administration’s existing $1 billion investment in the renovation of Nigeria’s eastern and western seaports.
The Nigerian President also stated that his administration will continue to support the country’s port modernisation efforts and port process automation through the implementation of the national single window project.
READ: Maersk revises ocean services between the Far East and Africa
Tinubu 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 minimise trans-shipments from larger ships to smaller ships.”
READ: Maersk splashes $500 million in supply chain capabilities
Uggla stated: ”We have seen a significant opportunity for Nigeria to cater for larger containerships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria.
“To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify. We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.
”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities.”
