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Maersk Denies $600m Investment In Nigeria

by Nafisat Abdulrahman
1 year ago
in News
Maersk
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Maersk, the Danish shipping giant, has refuted claims made by Nigerian President Bola Tinubu regarding a purported $600 million investment to enhance the country’s port infrastructure.

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President Tinubu, speaking at the World Economic Forum (WEF) in Riyadh, Saudi Arabia, announced that A.P. Moller-Maersk had committed to a substantial investment aimed at expanding the capacity of Nigerian ports. This move, he stated, would enable the ports to accommodate larger container ships and bolster economic growth through increased trade.

But, Maersk has countered the assertions, saying, “No such agreement is in place, and no deals have been signed,” a company spokesperson told Lloyd’s List, a leading online maritime publication.

The confusion arose following a meeting between Robert Maersk Uggla, Chairman of A.P. Moller-Maersk, and President Tinubu.

While confirming the meeting, Maersk emphasised that it was part of routine discussions with Nigerian officials and did not result in any new investment commitments.

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“Maersk has been present in Nigeria for 35 years and, as a global provider of logistics services, we remain committed to developing opportunities for growth for people, the port sector, and businesses locally,” the company stated. However, it clarified, “We are not able to comment on any investment talks at this stage.”

This clarification comes amid heightened expectations from the Nigerian government about potential foreign investments following the forum.

Ajuri Ngelale, a spokesperson for President Tinubu, had detailed the president’s successful efforts in securing the investment, a claim that has now been disputed by Maersk.

As it stands, the company reaffirms its commitment to Nigeria but dismisses any current plans for the speculated $600 million investment. This incident highlights the need for clear communication between governments and multinational corporations regarding financial commitments and investments


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Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

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