EMEA News
Maersk Invests to Upgrade Nigerian Port Infrastructure
Shipping giant Maersk is to invest over half a billion dollars in Nigeria's port infrastructure.
The West African country's president, Bola Tinubu said 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," the African leader was quoted as saying by Reuters.
"We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships."
The $600 million 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 report.
