Maersk Invests $600 Million To Support Nigerian Seaport Infrastructure

Nigeria has secured a whopping investment of $600 million in seaport infrastructure from the Danish shipping firm A.P. Moller-Maersk, the presidency mentioned in a statement on April 28

The investment had been secured through a discussion between Moller-Maersk Chair Robert Maersk Uggla and President Bola Tinubu on the sideline of a World Economic Forum (WEF) meeting in Saudi Arabia.

The Nigerian presidency quoted Uggla during the meeting, saying that they believe in Nigeria and will invest $600 million in the existing facilities and make the ports accommodate larger vessels.

Nigeria has pledged to revamp its ports, including those in the commercial capital of Lagos, to minimise congestion that hinders businesses.

Tinubu mentioned during the meeting that his government would support the modernisation and automation of ports to augment trade, reduce corruption, and enhance efficiency.

A bet on Nigeria is a winning bet.

He said it is a bet that rewards more than what’s obtainable elsewhere.

He added that they also need to encourage more opportunities for revenue expansion and reduce trans-shipments from larger vessels to relatively smaller vessels.

Reference: Reuters

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Source: Maritime Shipping News