Danish shipping conglomerate Maersk has pledged to invest $600 million in upgrading Nigeria's port infrastructure.
According to reports, the investment was secured during a meeting between Nigerian President Bola Tinubu and Maersk chairman Robert Maersk Uggla at a World Economic Forum gathering in Saudi Arabia.
Uggla said: "We will invest $600m in existing facilities and make the ports (more) accommodating for bigger ships."
The investment is aimed at modernising and digitising Nigeria's ports, particularly in the economic hub of Lagos, to enhance commerce, decrease corruption, and boost productivity.
Nigeria’s President Tinubu emphasised that his administration would support the port upgrades.
“Nigeria is a winning bet," he said, adding that the country needed "to create more opportunities for revenue growth”.
Driving down delays and costs related to transhipment from small to large vessels through port infrastructure expansion forms the lion’s share of upgrading required at Nigeria’s key ports.
The investment is part of the country’s efforts to improve its port infrastructure and alleviate the bottlenecks that have hindered businesses.
Maersk's investment is seen as a vote of confidence in Nigeria's economic potential.
