ABUJA, April 28 (Reuters) – Nigeria has secured a $600 million investment in seaport infrastructure from Danish shipping company AP Moller-Maersk MAERSKb.CO , the Office of the President said in a statement on Sunday.
The investment was secured during a meeting between President Bola Tinubu and Moeller-Maersk Chairman Robert Maersk Ugra on the sidelines of the World Economic Forum meeting in Saudi Arabia.
“We believe in Nigeria and will invest $600 million in existing facilities to create a port that can accommodate larger ships,” the Nigerian presidential office quoted Ugla as saying during the meeting.
Nigeria has pledged to upgrade its ports, including the commercial capital Lagos, to ease congestion plaguing businesses.
During the meeting, Tinubu said the government would support the modernization and automation of ports to improve trade, reduce corruption and increase efficiency.
“A bet on Nigeria is a bet that wins. It’s also a bet that pays off more than you could get elsewhere,” he said. “We need to encourage further opportunities for revenue growth and minimize transhipments from larger to smaller ships.”
(Reporting by Felix Onua in Abuja and Kanjik Ghosh in Bengaluru; Writing by McDonald Jirtowe; Editing by Lisa Shumaker and Matthew Lewis)
(c) Copyright Thomson Reuters 2024.
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