President Bola Tinubu has secured a $600m investment from Danish shipping and logistics firm A.P Moller-Maersk, the presidency said on Sunday.
The deal is to help in expanding port infrastructure to accommodate more container shipping services in Nigerian ports.
Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday, presidential spokesman Ajuri Ngelale said in a statement.
”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,” Ngelale quoted Uggla as saying.
”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.”
On his part, Tinubu appreciated the firm for its contributions to the Nigerian economy.
“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,” Tinubu said.
“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.”
A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…
IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…
NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…
Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…
Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…
– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…