Tinubu secures $600m from Maersk to expand ports infrastructure

Woos Samsung, says Nigeria ripe for tech investments

President Bola Tinubu has secured a $600 million investment from Danish shipping giant, A.P Moller-Maersk to expand Nigeria’s port infrastructure. This investment is part of a broader strategy to enhance the capacity of Nigerian ports to handle larger container ships, thus boosting trade and economic growth.

The announcement came during a sideline meeting with Maersk Chairman, Mr. Robert Maersk Uggla, at the World Economic Forum’s Special Meeting on Global Collaboration, Growth, and Energy for Development held in Riyadh, Saudi Arabia.

This new injection of funds will supplement an ongoing $1 billion project aimed at revamping seaport facilities across Nigeria’s eastern and western regions.
Tinubu emphasised that this venture would support the nation’s efforts toward modernising port operations and automating processes through the national single window project. He said this initiative aims to streamline trade, reduce corruption, and enhance transparency and efficiency at Nigerian ports.

In same vein, President Tinubu said Nigeria’s tech environment is “absorptive and ready” for foreign investments. He said the local investment environment operates on the principle of ‘a willing buyer and willing seller, which ensures seamless access to capital for investors both within and outside the country. This was as he hailed Nigerian youths saying the youths in their determination to succeed do not wait for government.

“We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. It is modeled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out,” Tinubu told the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim in Riyadh, Saudi Arabia.

Tinubu’s spokesperson, Mr. Ajuri Ngelale, revealed the details of Sunday’s talks in a statement. “We are ready to discuss and discover one another more. We can benefit so much from a collaborative effort.”

“You have the know-how, and we have the willingness. Seize this opportunity,’’ the President told the Samsung executives.
Samsung Chairman Kim expressed Samsung’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria.

“We have built many power stations around the world. We are top of the class in gas-fired power plant construction.

“We have an ever-increasing portfolio in the production of renewable energy solutions around the world.

“We can make a lot of progress in Nigeria’s energy sector as well as bringing our technology to other key productive sectors,” said Kim.
Enumerating other sectors of investment, he explained, “Transmission lines and smart grids are areas where we see increasing demand globally. You need infrastructure anywhere you go.