ABUJA (Reuters) – Nigeria secured a $600 million funding in seaport infrastructure from Danish delivery firm A.P. Moller-Maersk, the presidency stated in an announcement on Sunday.
The funding was secured throughout a gathering between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum assembly 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 throughout the assembly.
Nigeria has promised to revamp its ports, together with within the business capital Lagos, to ease congestion that frustrates companies.
Tinubu stated throughout the assembly that his authorities would assist the modernisation and automation of its ports to enhance commerce, scale back corruption and increase effectivity.
“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” he stated. “We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships.”