The Danish shipping corporation A.P. Moller-Maersk has agreed to spend $600 million in seaport infrastructure in Nigeria, the presidency announced in a statement on Sunday.
On the fringes of a World Economic Forum gathering in Saudi Arabia, President Bola Tinubu met with Robert Maersk Uggla, Chairman of Moller-Maersk, to finalize the investment.
During the meeting, Uggla stated, “We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships,” according to a quote from the Nigerian presidency.
Nigeria has pledged to modernize its ports, especially those in Lagos, the nation’s commercial hub, in order to reduce traffic, which irritates companies.
In order to enhance trade, lessen corruption, and increase efficiency, Tinubu stated during the meeting that his government will promote the modernization and automation of its ports.
“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” he said. “We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships.”