Danish shipping giant Maersk has announced a $600 million investment aimed at upgrading Nigeria’s port infrastructure, signaling a significant boost to the country’s maritime sector.
The investment pledge was secured during a meeting between Nigerian President Bola Tinubu and Maersk chairman Robert Maersk Uggla at the World Economic Forum gathering in Saudi Arabia.
Uggla expressed the company’s commitment to enhancing existing facilities and making ports more accommodating for larger vessels.
The investment is targeted at modernizing and digitizing Nigeria’s ports, particularly in the economic hub of Lagos, with the aim of bolstering commerce, reducing corruption, and increasing productivity.
President Tinubu affirmed his administration’s support for the port upgrades, highlighting Nigeria’s potential for revenue growth and the need to create more opportunities.
Addressing delays and costs associated with transshipment from small to large vessels through the expansion of port infrastructure is a key focus of the investment.
This substantial investment aligns with Nigeria’s broader efforts to improve its port infrastructure and overcome the bottlenecks that have impeded business operations.
Maersk’s commitment is viewed as a vote of confidence in Nigeria’s economic prospects and underscores the country’s attractiveness for international investment.
