Nigeria has secured a $600 million investment from A.P Moller-Maersk, a Danish shipping and logistics company, for seaport infrastructure.
According to a statement, Robert Uggla, chairman of A.P Moller-Maersk, made the investment commitment during a meeting with Tinubu on the sidelines of the World Economic Forum (WEF) in Saudi Arabia on Sunday.
The president said the investment is meant to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
He said the investment would complement his administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
Tinubu said the funds would further support Nigeria’s port modernisation efforts and port process automation through his administration’s implementation of the national single window project.
“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,” he told Uggla.
“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 minimise trans-shipments from larger ships to smaller ships.”
Tinubu assured Uggla of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.
