Nigeria secured a $600 million investment in seaportinfrastructure from Danishshippingcompany A.P. Moller-MaerskMAERSKb.CO, the presidency said in a statement on Sunday.
The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia.
“We believe in Nigeria, and we will invest $600 million in existing facilities and make theports accommodating for bigger ships,” the Nigerian presidency quoted Uggla as saying during the meeting.
Nigeria has promised torevamp itsports, including in the commercial capitalLagos, to ease congestion that frustrates businesses.
Tinubu said during the meeting that his government would supportthe modernisation and automation of itsports to improve trade, reduce corruption and boost efficiency.
“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” he said. “We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships.”
Source: Reuters
