Presidency releases video to back claim on Maersk’s $600m investment

The presidency, on Wednesday, released a video to back its claim on securing a $600 million investment commitment from A.P Moller-Maersk, a Danish shipping company.

In the video, Keith Svendsen, chairman of APM Terminals, had told Doris Uzoka-Anite, the minister of industry, trade and investment, that the company and other partners would invest half a billion dollars ($500 million) in the ports in Apapa.

APM Terminals is a subsidiary of Maersk that manages container terminals and provides integrated cargo and inland services.

The clip, which captures the meeting between the minister, Svendsen, and other stakeholders, was posted on X on February 9.

Teamed up with the Director General of the Oil and Gas Free Trade Zone to welcome key investors in the OG sector, expanding their investments in Nigeria#investment #InvestinNigeria #TradeInvestNG #WithHeartandMight pic.twitter.com/RiIJuiEpVV

— Hon (Dr) Doris Nkiruka Uzoka-Anite MD,CFA (@DrDorisAnite) February 9, 2024

“We just finished the upgrading of Onne facility to meet world-class capabilities. So we invested over $100 million there,” Svendsen had said at the meeting.

“Our proposal is to upgrade the Apapa port facility with our partners there and invest half a billion ($500 million) in upgrading the facilities.”

In a statement on April 28, Ajuri Ngelale, special adviser to the president on media and publicity, said Nigeria secured a $600 million investment commitment from Maersk to expand existing ports infrastructure in the country.

Ngelale had said Robert Uggla, chairman of A.P Moller-Maersk, made the investment commitment during a meeting with President Bola Tinubu on the sidelines of the World Economic Forum (WEF) in Saudi Arabia.

However, in a report by Lloyd’s List on April 29, officials of the logistics firm said no $600 million investment deal was signed with the Nigerian government.

The officials of the company, according to the publication, said such a deal does not exist.

“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,” the company told Lloyd’s List.

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

Reacting to the development on May 1,  Bayo Onanuga, special adviser on information and strategy to the president, also said no agreement was signed between the federal government and Maersk.

Citing Maersk’s statement, Onanuga said the company was unable to comment on investment talks, stressing that it did not also expressly deny that there was an investment discussion.