President Bola Tinubu has secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure in the country to accommodate more container shipping services in the 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.
President Tinubu noted that the investment will complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports.
The president added that it would further support the country’s port modernisation 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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Highlighting Maersk’s long standing engagement in Nigeria, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla said his company had made significant investments of over $2 billion in Nigerian ports and other activities.
In a related development, President Tinubu has said Nigeria’s investment environment operates on the principle of ‘a willing-buyer and willing-seller’, which ensures seamless access to capital for investors both within and outside the country.
The president gave the assurance on Sunday in Riyadh, Saudi Arabia, during a meeting with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim.
The meeting took place on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development.
Samsung Chairman Kim expressed Samsung’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria.
