Nigeria’s President Secures Commitment of $600mn Investment in Seaport Expansion

By Helen Okechukwu, JKNMedia Reporter

DANISH shipping giant AP Moller-Maersk has agreed to invest $600 million in Nigeria’s port expansion project, marking a significant step towards enhancing the country’s seaport infrastructure.

The decision was announced following a meeting between Nigeria’s President Bola Tinubu and Maersk’s chairman, Robert Maersk Uggla, during the World Economic Forum Special Meeting in Saudi Arabia on Sunday, as per the President’s office.

President Tinubu expressed gratitude for Maersk’s longstanding commitment to Nigeria’s economy, highlighting the importance of the investment in advancing the government’s $1 billion initiative to reconstruct Nigeria’s seaports.

He emphasized the mutually beneficial partnership between Nigeria and Maersk, stating, “A bet on Nigeria is a winning bet.”

The investment aims to facilitate the redevelopment and expansion of several ports, enabling larger ships to dock directly, thereby reducing the need for risky trans-shipments.

This move aligns with Maersk strategic vision to leverage Nigeria’s potential as a hub for larger container ships, particular in Lagos.

Robert Maersk Uggla emphasized the significance of Nigeria as an investment destination, citing the country’s burgeoning population of over 228 million, with a median age of just 17 years.

He reiterated Maersk’s commitment to further dialogue with Nigerian authorities to explore additional investment opportunities, aiming to solidify Nigeria’s position as a key player in the global maritime industry.

This latest investment underscores Maersk’s continued confidence in Nigeria’s economic prospects, building upon previous endeavours such as the development of a container terminal in Ogun.

With this new agreement, Maersk’s total investment in Nigeria is set to reach $2 billion, reflecting the company’s enduring commitment to the nation’s growth and development.

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