Maersk To Inject US$ 600m Into Port Infrastructure

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  • Nigeria secured a $600m investment in seaport infrastructure from A.P. Moller-Maersk opens new tab.
  • The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia.

Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping and logistics company A.P Moller-Maersk, the Office of the President of the Federal Republic of Nigeria.

Maersk funding for port infrastructure

Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with the Nigerian President Bola Ahmed Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh.

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

During the meeting, President Tinubu added that his government would support the modernization and automation of its ports to improve trade, reduce corruption and boost efficiency.

He also emphasized the potential of the Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.

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Source: Marine Insight