President Bola Ahmed Tinubu recently secured a substantial investment of $600 million from the Danish shipping and logistics giant, A.P Moller-Maersk. The investment aims to bolster Nigeria’s port infrastructure, particularly to accommodate the increasing demand for container shipping services.
The announcement came during a meeting between Tinubu and A.P Moller-Maersk’s Chairman, Mr. Robert Maersk Uggla, at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh.
Uggla expressed confidence in Nigeria’s potential and highlighted the importance of enhancing port facilities to handle larger vessels. He emphasized the significance of Nigeria, as the most populous country in Africa, having top-notch port infrastructure.
A.P Moller-Maersk has already invested over $2 billion in Nigerian ports and other activities, underlining their commitment to the country’s growth.
Tinubu welcomed the investment, noting its synergy with the government’s existing efforts to modernize and expand Nigerian ports. He mentioned ongoing projects totaling $1 billion aimed at reconstructing seaports across the country, which align with Maersk’s investment goals.
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Additionally, Tinubu highlighted the administration’s initiatives such as the national single window project, aimed at streamlining port processes and enhancing trade facilitation.
During a separate meeting with Samsung executives, Tinubu reiterated Nigeria’s openness to foreign investment. He emphasized the country’s abundant opportunities across various sectors and highlighted the government’s willingness to collaborate with investors.
Samsung expressed interest in expanding its presence in Nigeria, particularly in energy infrastructure and technology sectors. The company sees Nigeria as a promising market for its expertise in areas like renewable energy solutions and infrastructure development.
Overall, the meetings underscored Nigeria’s commitment to attracting foreign investment and fostering partnerships for sustainable economic growth.
