Tinubu secures $600m investment from A.P. Moller-Maersk — Presidency
President Bola Tinubu has successfully secured a $600 million investment from Danish shipping and logistics giant A.P. Moller-Maersk, as announced by the presidency on Sunday.
The investment aims to expand port infrastructure in Nigeria to accommodate more container shipping services, with a focus on Lagos as a key hub for logistics services.
During a meeting at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, Chairman of A.P. Moller-Maersk, Mr. Robert Maersk Uggla, expressed the firm’s commitment to Nigeria’s potential for larger container ships.
“We believe in Nigeria, and we will invest $600 million in existing facilities to make the ports accommodating for bigger ships,” Uggla stated.
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In response, Tinubu expressed appreciation for the firm’s contributions to Nigeria’s economy and emphasized the country’s commitment to fostering a conducive environment for investments.
“We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” Tinubu remarked.
The investment signifies a significant milestone in Nigeria’s maritime sector and underscores the country’s attractiveness for foreign investment.
