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Nigeria secures $600 million Maersk investment in seaport infrastructure
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Nigeria secures $600 million Maersk investment in seaport infrastructure
Apr 28, 2024 2:20 PM

ABUJA, April 28 (Reuters) - Nigeria secured a $600

million investment in seaport infrastructure from Danish

shipping company A.P. Moller-Maersk, 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."

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