A view shows the newly-commissioned Lekki Deep Sea Port in Lagos, Nigeria, January 23, 2023. REUTERS/Temilade Adelaja
ABUJA, April 28 (Reuters) – Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk MAERSKb.CO, 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 make the ports accommodating for bigger ships,” the Nigerian presidency quoted Uggla as saying during the meeting.
Nigeria has promised to revamp its ports, including in the commercial capital Lagos, to ease congestion that frustrates businesses.
Tinubu said during the meeting that his government would support the modernisation and automation of its ports to improve trade, reduce corruption and boost efficiency.
“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” he said. “We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships.”
(Reporting by Felix Onuah in Abuja and Kanjyik Ghosh in Bengalulu, Writing by MacDonald Dzirutwe; Editing by Lisa Shumaker and Matthew Lewis)
(c) Copyright Thomson Reuters 2024.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,886 members that receive our newsletter.
Have a news tip? Let us know.
The Georgia Ports Authority and Wallenius Wilhelmsen have signed a 20-year terminal lease agreement consolidating the company’s handling of automobiles and roll-on/roll-off cargo at the Port of Brunswick. The lease, which includes options for...
By Gavin van Marle (The Loadstar) – The main US ports enjoyed another stellar month in March, according to new figures from noted analyst John McCown His figures show imports at...
March witnessed an upswing in trade at the Port of Long Beach, marking the seventh month in a row of year-over-year cargo growth. Last month, dockworkers and terminal operators handled...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,886 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
