APM Terminals commits $500m investment in Apapa Port amid Nigeria’s maritime modernisation drive

APM Terminals, a major player in global port operations, has announced its intent to inject $500 million into the development of Apapa port, positioning it as a leading maritime hub in Africa. 

The pledge came during a meeting between the Global CEO of APM Terminals, Mr. Keith Svendsen, and Nigeria’s Minister for Marine and Blue Economy, Adegboyega Oyetola.

During the meeting, Minister Oyetola reiterated the government’s unwavering dedication to transforming Nigeria into a premier destination for maritime investment. 

Concerns were raised regarding the comparative attractiveness of Nigerian ports against other African counterparts, prompting a collective resolve to modernize the nation’s port infrastructure.

Earlier discussions with President Bola Ahmed Tinubu underscored the government’s commitment to port modernisation, with Minister Oyetola outlining key initiatives aimed at enhancing efficiency and capacity within Nigeria’s ports.

Mr. Svendsen, accompanied by APM Terminals Nigeria CEO, Fredrick Klinke, and board member Koye Edu, highlighted the notable performance of Onne port in surpassing Durban port’s metrics. 

He emphasised a significant reduction in turnaround time at Onne, indicative of operational enhancements.

In response, Minister Oyetola, alongside ministry officials, affirmed the government’s support for APM Terminals’ investment endeavour. 

He disclosed plans to elevate the draft level of Apapa and Tincan ports from 13.5 to 16.5 percent, facilitating the accommodation of larger vessels and fostering competitiveness.

“We are excited about this potential investment. We will be glad to have the specifics soonest so we can know the areas you want to invest in, so we can make progress. I can assure you, you have a partner in us,” the minister remarked.

The envisioned investment by APM Terminals signals a significant milestone in Nigeria’s maritime sector, aligning with broader efforts to bolster infrastructure and attract international investment.