Nigerian President Bola Tinubu’s claim that he had secured a $600 million investment from Danish shipping and logistics giant Maersk, officials have confirmed that no such agreement was made, according to the company.
Despite Tinubu’s announcement, made during a meeting at the World Economic Forum in Riyadh, Maersk officials have confirmed that no such agreement has been signed. While Maersk chairman Robert Maersk Uggla did meet with the Nigerian president, the company stated that it is “not able to comment on any investment talks.”
Tinubu’s government had detailed the purported investment, claiming that it would “complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.” The president had also quoted Uggla as saying, “We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.”
However, Maersk has refuted these claims, stating that while the company has been present in Nigeria for 35 years and remains committed to developing opportunities for growth, no new investment deal has been signed.
The discrepancy between the government’s announcement and Maersk’s response has raised questions about the reliability of the information provided by the Nigerian authorities. As Maersk prepares to report its first-quarter results, the company’s management is likely limited in what it can publicly say about its activities due to regulatory quiet periods.
Nigeria’s efforts to revamp its ports, including in the commercial capital Lagos, to ease congestion and improve trade efficiency remain ongoing. However, the apparent lack of a concrete investment agreement with Maersk casts doubts on the government’s ability to secure the necessary funding and partnerships to achieve its goals.
