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Tinubu Secures $600m Investment To Boost Nigerian Ports

President Bola Tinubu has clinched a landmark $600 million deal with Danish shipping giant A.P Moller-Maersk, aiming to bolster Nigeria’s port infrastructure and facilitate larger container shipping services. 

PLATFORM TIMES gathered that the deal was to help in expanding port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, revealed the investment decision during discussions with President Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia.

”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. 

“The growth potential is hard to quantify,” Ngelale quoted Uggla as saying.

”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.”

“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,” Tinubu said.

“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.”

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