Danish container shipping and terminal giant, AP Moller/Maersk has said its decision to plan a $600million fresh investment in Nigeria’s seaport and logistics industry was informed by the vast business opportunities in the country as well as its strong faith in the future of Nigeria’s economy.

The company has also said it has invested in excess of $2billion in the country’s seaport and allied industries, especially since 2006 following the concession of the nation’s seaports, which brought in private terminal operators to takeover cargo handling operations.

Recall that APM Terminals Apapa Limited, the container handling arm of the group is currently the concessionaire in charge of Nigeria’s biggest container terminal in Apapa, Lagos, which accounts for over 40 per cent of Nigeria’s entire container traffic, while its shipping arm, Maerskline accounts for the shipment of more than 50 per cent of containerised cargo into the country.

Speaking during a meeting with President Bola Tinubu on the sidelines of the ongoing World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, Sunday, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, said in addition to new opportunities in Nigeria, the company believes in the future of the country.

” We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.

” We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships. In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest ports and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities”, Maersk Uggla said.

He further disclosed that the company is willing to build on its longstanding engagement in Nigeria, which is borne out of its belief in the future of Nigeria, adding that the company had made significant investments in excess of $2 billion in Nigeria’s seaports and other allied sectors.

He insists that the potential for Nigeria’s seaports to accommodate larger container ships was enormous, which informed the need to expand port infrastructure to meet this growing demand while reducing logistics the cost.

Meanwhile, President Tinubu while speaking during the meeting said the AP Moller /Maersk investment would significantly complement the administration’s ongoing $1billion investment in seaports to modernise their infrastructure and superstructures across the eastern and western seaports of the country.

“Nigeria’s ongoing $1billion investment would further support the country’s port modernisation efforts and enable port automation through this administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.

“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 said.

While assuring the AP Moller/Maersk of his administration’s commitment to collaborating and creating enabling environment for businesses to thrive in Nigeria, the cited Maersk’s previous partnership in the development of the Ogun State Container Terminal, which is a testament to fruitful partnerships with the AP Moller/Maersk family.