Maersk refutes Tinubu’s claim of $600m investment in Nigeria’s port development

Contrary to the widely circulated report attributed to President, Bola Tinubu, Danish shipping and logistics giant, A.P. Moller-Maersk, has denied plans to invest $600 million in Nigeria’s port development and logistics sectors.

The Presidency had earlier claimed that Maersk’s Chairman, Robert Maersk Uggla, announced the investment on Sunday during a meeting with President Bola Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia.

“We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships,” Uggla was quoted as saying.

However, according to Lloyd’s List, the reported $600 million investment appears to be news to Maersk.

Lloyd’s List disclosed that while Robert Maersk Uggla met with President Bola Tinubu over the weekend, he, however, did not sign a new investment deal with him.

Maersk officials have also confirmed that no such deals have been signed.

Maersk’s Senior Media Relations Manager, Adhish Alawani, who shared the company’s statement clarified that the company is committed to developing opportunities for growth in Nigeria but cannot comment on any investment talks.

“A.P. Moller-Maersk (Maersk) has been present in Nigeria for 35 years and, as a global provider of logistics services, we remain committed to develop opportunities for growth to people, the port sector and businesses locally.

“Therefore, it is natural to have on ongoing dialogue with the administration. However, we are not able to comment on any investments talks.”

Following the meeting, the president was reported to have secured from Maersk an additional $600 million foreign investment for the expansion of the nation’s ports infrastructure to accommodate more container shipping services.

The Federal Government further explained that the company’s fresh multi-million-dollar investment would be complementing the $1 billion the current administration was already investing in seaport reconstruction across the nation’s eastern and western ports.