President Bola Tinubu has secured a $600 million investment from Danish shipping and logistics firm A.P. Moller-Maersk, the presidency announced on Sunday. 

The deal is to help expand port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P. Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, on Sunday, presidential spokesman Ajuri Ngelale said in a statement.

”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, smaller ships have already served most of the West African coasts. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify,” Ngelale quoted Uggla as saying.

“We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports suitable for larger ships.”

On his part, Tinubu appreciated the firm for its contributions to the Nigerian economy.

“We value your business and the contributions you have made and will continue to make to our country’s economy over time.” We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards go beyond what is obtainable elsewhere,” Tinubu said.

“More investment opportunities exist, and my government has worked on various reforms to encourage investment.” We need to encourage more opportunities for revenue expansion and minimise trans-shipments from larger ships to smaller ships.”