APM Terminals Announces $500 Million Investment in Apapa Port

In a significant move set to bolster Nigeria’s maritime sector, APM Terminals’ Global CEO, Mr. Keith Svendsen, has unveiled plans to inject $500 million into the Apapa Port. The announcement came during a high-profile meeting with the Minister of Marine and Blue Economy, Adegboyega Oyetola, as confirmed by the ministry’s official handle.

During the meeting, Minister Oyetola emphasized the government’s commitment to modernizing Nigerian ports, positioning them competitively against counterparts across Africa. APM Terminals officials commended recent improvements, particularly highlighting the remarkable 65% reduction in turnaround time at the Onne Port.

Minister Oyetola assured APM Terminals of the ministry’s unwavering support, underscoring the government’s resolve to revamp port infrastructure and exploring various funding strategies. Notably, plans were discussed to increase the draft level of Apapa and Tincan ports from 13.5% to 16.5%, facilitating the accommodation of larger vessels.

Expressing enthusiasm about the potential investment, Minister Oyetola requested specific details to expedite progress, assuring APM Terminals of a collaborative partnership with the ministry.

This investment by APM Terminals follows their previous commitment to upgrade Apapa Port, with a reported $438 million investment in modern cargo handling equipment. This commitment stands as the largest investment by a port terminal operator in Nigeria at the time.

Alongside private initiatives, the Federal Government has also prioritized port enhancements, approving a substantial $1.1 billion for rehabilitation in the first quarter of 2024, as reported by Nairametrics in November 2023.

With APM Terminals’ substantial investment and the government’s ongoing efforts, stakeholders anticipate a transformative impact on Nigeria’s maritime landscape, fostering increased efficiency, competitiveness, and economic growth