Nigeria secured a $600m investment to expand existing port infrastructure from Danish shipping and logistics company A.P. Moller-Maersk, the presidency said in a statement on Sunday.

The announcement, disclosed by the Presidency of the Federal Republic of Nigeria in the social media X (former twitter), says that president Bola Tinubu has secured a $600m investment to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

In accordance with the announcement, President Tinubu has noted that this initiative is a complementary effort to the government’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.

The investment, as revealed by the president, supports the country’s port modernization efforts and port process automation, and enhances transparency and efficiency of port processes in Nigeria through the implementation of a national single-window project.

“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.

“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 minimise trans-shipments from larger ships to smaller ships,” President Tinubu remarked.

The President further assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.

The $600m investment was secured during a meeting between Maersk’s chairman, Robert Maersk Uggla, and the Nigerian president on the sidelines of a World Economic Forum meeting in Saudi Arabia, according to the presidency report in the social media.

It is worth mentioning that Maersk until now has officially not confirmed the investment decision.