President Bola Tinubu has clinched a landmark $600 million investment deal with Danish shipping and logistics giant A.P Moller-Maersk, aimed at bolstering Nigeria’s port infrastructure to accommodate larger container shipping services.

The presidency announced this groundbreaking development on Sunday, heralding a significant stride towards enhancing the nation’s maritime capabilities.

The agreement was unveiled during a meeting between President Tinubu and Mr. Robert Maersk Uggla, Chairman of A.P Moller-Maersk, held on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia.

Presidential spokesman Ajuri Ngelale relayed the details in a statement, highlighting the strategic significance of the investment in advancing Nigeria’s maritime sector.

”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify,” Ngelale quoted Uggla as saying.

”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.”

In response, President Tinubu expressed gratitude to A.P Moller-Maersk for its unwavering support and reiterated Nigeria’s attractiveness as an investment destination. He underscored the government’s dedication to fostering an enabling environment for foreign investment through various reform initiatives aimed at enhancing business competitiveness and revenue expansion.

“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” Tinubu said.

“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships.”