President Tinubu Secures $600M Investment To Expand Nigerian Seaport Infrastructure

President Bola Tinubu has successfully secured an investment worth $600 million from the Danish shipping and logistics company, A.P. Moller-Maersk, to expand the Nigerian seaport infrastructure and accommodate additional container shipping services.

Chairman of A.P Moller-Maersk Robert Maersk Uggla on Sunday announced this investment during a meeting with the president, held on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Saudi Arabia.

Tinubu is currently in Riyadh, Saudi Arabia for a two-day visit, from April 28 to April 29.

According to the president, this investment from A.P. Moller-Maersk will complement the administration's existing efforts in investing $1 billion for the reconstruction of seaports across both the eastern and western regions of 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," Tinubu said, as per the official statement.

"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 Uggla that his administration was dedicated to collaborating and fostering an environment where businesses can flourish.

Uggla, on the other hand, expressed his confidence in Nigeria's future and said that his company had already made significant investments of over $2 billion in Nigerian ports and other activities.

"We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria," he explained.

"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."

The chairman of A.P Moller-Maersk further said that Nigeria, being the most populous country in Africa, should have the best and biggest port, noting that his company was eager to invest.

He assured the president that his company would continue the dialogue with the relevant Nigerian authorities to explore further investment opportunities.