Tinubu Clinches $600 million Maersk Line Investment for Nigerian Ports Development

President Bola Tinub

BY GODWIN OBI

President Bola Tinubu has secured an additional $600 million foreign investment for the expansion of the nation’s ports infrastructure to accommodate more container shipping services in Nigeria’s ports.

The new $600 million investment, which was offered from the Danish shipping and logistics company, A.P Moller-Maersk, would be complementing the $1 billion already being invested by the administration into seaport reconstruction across the eastern and western flanks of the country.

The new investment decision was disclosed on Sunday by the Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, 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.

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 and transparency of port processes in Nigeria.

“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,” he said.