The President of the Federal Republic of Nigeria, Bola Tinubu, has secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk.

This is expected to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

The Chairman of A.P Moller-Maersk, Robert Maersk Uggla, disclosed the decision 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. Uggla added that his company had made significant investments of over $2 billion in Nigerian ports and other activities.

Tinubu noted at the meeting that this investment would complement the administration’s ongoing $1 billion investment in seaport reconstruction across Nigeria’s eastern and western seaports.

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 transparency of port processes in Nigeria.

The statement from the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, quoted the Tinubu thus:

“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.”

The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.

Tinubu cited Maersk’s previous partnership in developing Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.