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Denmark’s shipping company, A.P. Moller-Maersk Group, plans to invest in Nigeria.
On the 28th, Maersk announced that it would invest $600 million in Nigeria’s port infrastructure.
The investment decision was made when Maersk’s Chairman, Robert Maersk Uggla, met with Nigeria’s President Bola Tinubu at the World Economic Forum conference held in Saudi Arabia.
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Uggla stated, “We trust Nigeria and will be investing $600 million into existing facilities to create a port capable of accommodating larger vessels.”
Furthermore, Nigeria has promised to renovate its ports, including its commercial capital, Lagos, to alleviate business congestion.
Tinubu said, “The government will support the modernization and automation of the ports to improve trade, reduce corruption, and increase efficiency. We must encourage more opportunities for revenue expansion and minimize transshipment from larger to smaller vessels.”
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