Tinubu secures $600m seaport infrastructure investment with shipping giant Maersk

“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 minimise trans-shipments
from larger ships to smaller ships,” he said.

The President further assured Maersk of his administration’s
commitment to collaborating and creating an enabling environment for businesses
to thrive in the country.

He cited Maersk’s previous partnership in the development of
the Ogun State container terminal as a testament to fruitful partnerships with
the reputable logistics company.

Highlighting Maersk’s longstanding engagement in Africa’s
most populous nation and his belief in the future of Nigeria, A.P.
Moller-Maersk’s chairman, Robert Maersk Uggla, said his company had made
significant investments of over $2 billion in Nigerian ports and other activities.

He emphasised 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.

”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. We will continue that dialogue with the relevant Nigerian
authorities to explore further investment opportunities,” the Maersk chairman
said.