LAGOS, Nigeria (VOICE OF NAIJA) – A Danish shipping and logistics company, Maersk, has injected additional $600mn investment for the expansion of infrastructure to accommodate more container shipping services in Nigeria’s ports
The fresh investment decision was secured by President Bola Ahmed Tinubu, during a meeting with Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla.
Maersk disclosed the deal on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia.
The new investment by the shipping company complement the $1 billion already being invested by the administration into seaport reconstruction across the eastern and western flanks of the country.
The president added that it would further support the country’s port modernization efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.
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Tinubu reaffirmed Maersk of his administration’s commitment, that further investment collaboration support would boosts the nation’s economy.
He also added that gambling on Nigeria, the rewards is a winning stake.
“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 minimize trans-shipments from larger ships to smaller ships,” he said.
Tinubu added, in Ogun State, we testify the fruitful partnerships of your logistics company
Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla reiterates his firm belief in Nigeria with over $2 billion in the nation’s ports and other activities.
He emphasized the potential for 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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”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.
”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.
”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,” the Maersk Chairman said.