Contrary to President Bola Tinubu's announcement at the World Economic Forum in Riyadh, Maersk, the Danish shipping behemoth, has refuted claims of a proposed $600 million investment in Nigeria's port infrastructure.

Tinubu had touted A.P. Moller-Maersk's commitment to bolstering Nigerian ports to accommodate larger vessels, thereby stimulating trade and economic growth.

However, Maersk swiftly denied any such agreement, clarifying that no deals had been finalized. The confusion stemmed from a routine meeting between Robert Maersk Uggla, Chairman of A.P. Moller-Maersk, and Tinubu, which did not result in new investment commitments.

While reaffirming its longstanding presence in Nigeria and commitment to local development, Maersk remained tight-lipped about ongoing investment discussions.

This rebuttal dampens expectations spurred by the Nigerian government's anticipation of foreign investments post-forum, contradicting earlier assertions by Tinubu's spokesperson, Ajuri Ngelale. Despite affirming its dedication to Nigeria, Maersk disavows any immediate plans for the purported $600 million investment.