Confusion as Maersk denies Tinubu’s $600m investment claim in Nigeria

Confusion as Maersk denies Tinubu’s $600m investment claim in Nigeria

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.

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.

“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.