Nigeria Secures $600 Million Investment From World’s Biggest Shipping Company
- President Tinubu has secured a $600 million investment from the largest shipping company in the world
- The Presidency said the deal came as President Tinubu met with the Chairman of A.P. Maersk at the World Economic Forum
- The company promised to invest the sum to expand and boost port infrastructure in Nigeria
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria has gotten a $600 million investment in seaport infrastructure from the world’s largest shipping company, A.P. Moller-Maersk.
A source at the Nigerian Presidency said on Sunday, April 28, 2024, that President Bola Tinubu secured the deal on the sidelines of the ongoing World Economic Forum.
Source: Getty Images
Nigeria secures loan to rebuild Lagos ports
The investment happened when Tinubu met with the chairman of the Danish firm, Robert Maersk Uggla, at the forum.
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"We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodate bigger ships," the Nigerian Presidency quoted Uggla as saying during the meeting.
The West African country has promised to rebuild its seaports, including those in the commercial capital of Lagos and others nationwide.
Legit.ng reported that the Nigerian Ports Authority secured a $700 million facility from Citi Bank to rebuild the two ports in Lagos and promised another facility for eastern seaports.
Tinubu bets on investment opportunities in Nigeria
According to reports, Tinubu said during the meeting that his government would support the automation and modernisation of ports across the country to improve trade, reduce corruption and enhance efficiency.
Tinubu said:
"A bet on Nigeria is a winning bet. It also rewards beyond what is obtainable elsewhere," he said. We need to encourage more opportunities for revenue expansion and minimise trans-shipments from larger ships to smaller ships."
Nigeria has been revamping port infrastructure to secure and attract foreign investments into the blue economy.
NPA inaugurates modern control towers
Legit.ng previously reported that NPA said the commissioning of the control towers signifies its commitment to improving efficiency via bold infrastructure and equipment renewal.
The NPA stated that safety and security constitute the essential operational preconditions for realizing its strategic goal of becoming the maritime logistics hub for ports in Africa.
Mohammed Bello Koko, the Managing Director/CEO of NPA, stated this at the inauguration of the towers on Thursday, June 8, 2023.
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Source: Legit.ng
