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Maersk Infuses $600 Million into Nigeria’s Port Infrastructure, Bolstering Maritime Trade Expansion

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Maersk Infuses $600 Million into Nigeria’s Port Infrastructure, Bolstering Maritime Trade Expansion

A.P. Moller-Maersk (Maersk) has unveiled a substantial $600 million investment geared towards enhancing Nigeria’s port infrastructure, marking a pivotal step towards fostering additional container shipping services within Nigerian ports. The announcement was made by Robert Maersk Uggla, Chairman of Maersk, during discussions with Nigerian President Bola Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, on April 28th.

President Tinubu lauded the investment, emphasizing its synergistic alignment with the administration’s ongoing commitment to refurbishing Nigeria’s eastern and western seaports, already earmarked for a $1 billion investment. Furthermore, Tinubu reaffirmed his administration’s unwavering support for port modernization initiatives and the implementation of the national single window project aimed at streamlining port processes through automation.

Read also: Maersk Completes $3.6 Billion Acquisition of LF Logistics

Expressing gratitude for Maersk’s contribution to Nigeria’s economic landscape, Tinubu highlighted the nation’s receptivity to foreign investment, citing Nigeria as a prime destination for lucrative business ventures. He underscored the country’s potential for robust revenue expansion and emphasized the imperative to minimize trans-shipments from larger vessels to smaller ones.

Uggla echoed Tinubu’s sentiments, underscoring Nigeria’s strategic significance in accommodating larger containerships along the West African coast. Recognizing the burgeoning demand for expanded logistics services, particularly in Lagos, Uggla outlined Maersk’s commitment to fortifying port infrastructure and facilitating the seamless operation of larger vessels. He emphasized the immense growth potential inherent in Nigeria’s maritime sector and reiterated Maersk’s steadfast dedication to nurturing mutually beneficial partnerships with Nigerian authorities.

In light of recent developments, the West Africa Container Terminal (WACT), operated by APM Terminals (APMT), has inaugurated a state-of-the-art four-lane in-gate facility at Onne Port, Rivers State, Nigeria, further augmenting the region’s maritime infrastructure and paving the way for enhanced trade facilitation.