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Tinubu Secures $600 Million Investment to Expand Nigerian Ports

President Bola Tinubu has successfully secured a $600 million investment from A.P Moller-Maersk, a Danish shipping and logistics company, aimed at enhancing the capacity of Nigerian ports to handle increased container shipping services.

During a meeting at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, announced the investment decision following discussions with President Tinubu. This investment will complement the existing $1 billion initiative by the administration to revamp seaport infrastructure in both eastern and western Nigerian ports.

President Tinubu reiterated the significance of this investment in supporting the country’s port modernization efforts and the implementation of the national single window project. This project aims to streamline trade processes, enhance import/export efficiency, combat corruption, and improve transparency in Nigerian ports.

In a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, President Tinubu expressed gratitude for the partnership with A.P Moller-Maersk, emphasizing Nigeria’s attractiveness for investments and the government’s commitment to creating a conducive business environment. He also acknowledged Maersk’s past contributions to the Nigerian economy, citing the successful collaboration in developing the Ogun State container terminal.

Chairman Robert Maersk Uggla reiterated A.P Moller-Maersk’s confidence in Nigeria’s potential, citing over $2 billion in investments in Nigerian ports. He emphasized the need to expand port infrastructure, particularly in Lagos, to accommodate larger container ships and reduce logistics costs, highlighting the growth opportunities in Nigeria’s maritime sector.

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