Maersk invests $600 million in the port infrastructure of Nigeria

May 3, 2024 | Business | 0 comments

Maersk has unveiled a significant investment of $600 million aimed at bolstering Nigeria’s port infrastructure, signalling a crucial move to expand container shipping services within Nigerian ports. The announcement came from Robert Maersk Uggla, Chairman of Maersk, during discussions with Nigerian President Bola Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, on April 28th.

President Tinubu praised the investment, highlighting its alignment with the administration’s ongoing efforts to revamp Nigeria’s eastern and western seaports, which are already slated for a $1 billion investment. Tinubu reiterated the government’s staunch support for port modernization initiatives and the implementation of the national single window project to streamline port processes through automation.

Expressing appreciation for Maersk’s contribution to Nigeria’s economy, Tinubu emphasized the country’s openness to foreign investment, positioning Nigeria as a prime destination for profitable business ventures. He emphasized the potential for significant revenue growth and stressed the need to minimize trans-shipments from larger vessels to smaller ones.

Uggla echoed Tinubu’s sentiments, highlighting Nigeria’s strategic importance in accommodating larger containerships along the West African coast. Acknowledging the growing demand for expanded logistics services, particularly in Lagos, Uggla outlined Maersk’s commitment to strengthening port infrastructure and facilitating the smooth operation of larger vessels. He emphasized the substantial growth prospects in Nigeria’s maritime sector and reiterated Maersk’s unwavering commitment to fostering mutually beneficial partnerships with Nigerian authorities.

In tandem with these developments, the West Africa Container Terminal (WACT), operated by APM Terminals (APMT), has inaugurated a cutting-edge four-lane in-gate facility at Onne Port, Rivers State, Nigeria. This initiative further enhances the region’s maritime infrastructure and sets the stage for improved trade facilitation.

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