In a statement issued yesterday (28th), the Nigerian Presidency announced that it had secured an investment of $600 million from Maersk for the expansion of existing port infrastructure to accommodate more containerised services at Nigerian ports.
Speaking on the sidelines of the World Economic Forum's Special Session on Global Co-operation, Growth and Energy for Development in Riyadh, Saudi Arabia, Maersk's Chairman, Robert Maersk Uggla, said, "We have so much confidence in Nigeria that we have decided to invest $600 million in renovating and upgrading our existing facilities to ensure that the port is can accommodate larger vessels."
The Nigerian government has pledged to revamp its ports, particularly those in the commercial capital Lagos, in a bid to ease port congestion that has long plagued the business.
Nigerian President Bola Tinubu made it clear during the conference that his government would fully support the modernisation and automation of the ports in a bid to improve the trading environment, reduce corruption and improve overall operational efficiency.
The President added that the country's port modernisation efforts and automation of port processes would be further supported through the implementation of the National Single Window Project by his administration. The project is aimed at enhancing trade facilitation, easing the flow of imports and exports, reducing corruption at the ports, while improving the efficiency and transparency of processes at Nigerian ports.
He emphasised: "Betting on Nigeria is a smart and rewarding choice. A bet here is not only a winning bet, but the rewards can be far greater than in other regions. We must actively encourage more revenue opportunities and minimise transhipments from larger vessels to smaller ones to achieve more efficient and smoother port operations."
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