ABUJA (Reuters) – Nigeria secured a $600 million investment in port infrastructure from Danish shipping company AP Moller-Maersk, 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 adapt ports to larger ships,” Uggla was quoted as saying by the Nigerian presidency during the meeting.
Nigeria has promised to revamp its ports, including that in the commercial capital Lagos, to ease congestion that frustrates businesses.
Tinubu said during the meeting that his government would support the modernization and automation of its ports to improve trade, reduce corruption and drive efficiency.
“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what can be obtained elsewhere,” he said. “We need to encourage more opportunities for revenue expansion and minimize transshipments from larger ships to smaller ships.”
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