A.P Moller-Maersk’s $600m Investment to Transform Nigeria’s Port Infrastructure, Tinubu Secures Deal at World Economic Forum
In a groundbreaking move set to reshape Nigeria’s shipping landscape, President Bola Tinubu has secured a monumental $600 million investment from Danish shipping giant A.P Moller-Maersk. The investment, announced during a meeting on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, is poised to revolutionize the country’s port infrastructure.
The investment is earmarked for expanding port facilities, particularly in Lagos, to accommodate larger container ships. A.P Moller-Maersk’s Chairman, Mr. Robert Maersk Uggla, expressed optimism about Nigeria’s potential to cater to larger vessels, citing the historical reliance on smaller ships along the West African coast. Uggla emphasized the need for a larger logistics hub in Lagos to facilitate the deployment of larger ships, foreseeing immense growth potential in Nigeria.
President Tinubu lauded A.P Moller-Maersk’s commitment to Nigeria’s economy, stating,
“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.”
The investment is not only a testament to Nigeria’s potential but also a strategic move to bolster the country’s economic growth. With Nigeria’s ongoing reforms to attract more investments, the partnership between Tinubu’s government and A.P Moller-Maersk sets a promising path for further development and prosperity.
