President Bola Tinubu has sealed a monumental deal worth $600 million with A.P. Moller-Maersk, a renowned Danish shipping and logistics giant. This historic agreement was reached during a pivotal meeting between President Tinubu and the Chairman of A.P Moller-Maersk, Robert Maersk Uggla, held at the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia.
During the meeting, Chairman Uggla unveiled Maersk’s ambitious plan to invest $600 million in Nigeria, specifically aimed at enhancing container shipping services within Nigerian ports. He emphasized Maersk’s long-standing commitment to Nigeria, highlighting previous investments exceeding $2 billion in various Nigerian port facilities and related activities.
Chairman Uggla underscored the untapped potential of Nigerian ports to accommodate larger container ships, stressing the urgent need for infrastructural expansion to meet growing demands while simultaneously reducing logistics costs. He affirmed Maersk’s confidence in Nigeria’s future, stating, “We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.”
President Tinubu, in response, expressed gratitude for Maersk’s continued contribution to Nigeria’s economy and affirmed the government’s commitment to fostering a conducive business environment. He highlighted ongoing efforts, including a $1 billion investment in seaport reconstruction and the implementation of the national Single Window project aimed at streamlining trade processes and enhancing transparency within Nigerian ports.
He said: “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 minimise trans-shipments from larger ships to smaller ships.”