APM Terminals signals $500m Apapa Port investment

Business a.m

APM Terminals, a global container terminal operator, has announced its intention to invest $500 million in the Apapa Port in Lagos, in a bid to make it one of the biggest in Africa. 

The news of APM Terminals’ planned investment was disclosed by Keith Svendsen, the company’s Global CEO, during a visit to Adegboyega Oyetola,Nigeria’s Minister of Marine and Blue Economy. 

 Svendsen’s visit focused on discussing potential opportunities for investment in Nigeria’s ports sector. On his part, Oyetola, reaffirmed the government’s commitment to modernising the country’s ports in order to make them more competitive and attractive to investors. The minister  also highlighted the importance of increasing trade through the ports, as this will contribute to the development of the economy.

During the meeting with the  minister, Svendsen, accompanied by Fredrick Klinke,CEO, APM Terminals Nigeria, and Koye Edu,board member, APM Terminals, noted that the Onne Port had been doing better than the Durban Ports in recent times. Specifically, the group highlighted that the turnaround time at the Onne Port had been reduced by 65 percent, which is a major achievement. 

On a previous occasion, the APM Group met with President Bola Ahmed Tinubu, who was joined by a number of key government officials. These included  Adegboyega Oyetola,the minister of Marine and Blue Economy,Saidu Alkali, the Minister of Transportation, and Doris Uzoka-Anite, the minister of Trade and Investment. During the meeting,Oyetola discussed the government’s plans to modernise the country’s ports, including the development of new terminals and the installation of new equipment.

In response to the APM Group’s remarks, Oyetola, along with Olorunola Olufemi,the permanent secretary of the ministry, and Bola Oyebamiji,the managing director of the National Inland Waterways Authority (NIWA), assured the group of the ministry’s continued support. 

The minister of Marine and Blue Economy, stated: “We have resolved to modernise the ports, we are only looking at funding strategies. We have resolved to increase the drought level of the Apapa and Tincan ports from the current 13.5 to 16.5 percent to allow bigger vessels to berth so that we can reverse the current trend that is making other ports more attractive than ours.

Regarding the potential investment by the APM Group, Oyetola expressed excitement and noted that the ministry would be keen to receive specific details about the proposed investment. The minister stated that this would allow the ministry to identify the areas where the group plans to invest and determine how best to support them