Nigeria’s seaport infrastructure is set for a significant upgrade following the government’s announcement of a $600 million investment secured from Danish shipping giant A.P. Moller-Maersk.
The investment, revealed during President Bola Tinubu’s meeting with A.P. Moller-Maersk Chairman, Robert Maersk Uggla, at the World Economic Summit in Riyadh, Saudi Arabia, aims to enhance existing facilities and accommodate larger ships, a move expected to alleviate congestion and boost efficiency at the ports.
“We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships,” Uggla stated, emphasizing the company’s commitment to Nigeria’s maritime sector.
One of the key areas of focus will be the major port in Lagos, Nigeria’s commercial capital, which has been plagued by congestion issues that hamper businesses. President Tinubu highlighted the government’s determination to modernize and automate the ports, a strategy aimed at improving trade, reducing corruption, and increasing overall efficiency.
“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” President Tinubu remarked, underscoring the country’s potential for growth and development.
Efforts to minimize trans-shipments from larger ships to smaller ones are also part of the agenda, as Nigeria seeks to streamline its port operations and enhance revenue opportunities.
