Report: Maersk says no $600m investment deal signed with Nigeria

Officials of A.P Moller-Maersk, a Danish shipping company, say there is no $600 million investment deal with the Nigerian government, Lloyd’s List is reporting.

On April 28, Ajuri Ngelale, special adviser to the president on media and publicity, said Nigeria secured a $600 million investment to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

According to Ngelale, 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 on April 29, the publication said officials of the company said such a deal does not exist.

Although Lloyd’s List also reported that in a direct statement from Moller-Maersk, the company said it would not comment on any investment talks.

“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 said.

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

Meanwhile, on April 18, the Nigerian Ports Authority (NPA) said it secured a $700 million facility agreement for the rehabilitation of the Apapa and Tin-Can Island ports in Lagos.

On November 7, 2023, NPA also announced a $1.1 billion port rehabilitation project.