APM Terminals Set To Invest $500m In Apapa Port

APM Terminals has expressed readiness to invest half a billion dollars in Apapa Port in Lagos to make it one of the biggest in Africa.

This was disclosed by the Global CEO of APM Terminals, Mr. Keith Svendsen, when he visited the minister of Marine and Blue Economy, Adegboyega Oyetola, on Thursday.

This is even as the minister reinstated the government’s commitment to mordenise ports in the country so as to reverse the current trend that makes other ports in Africa more attractive than the ones in Nigeria.

The APM Group had earlier held a meeting with President Bola Ahmed Tinubu, which was attended by Oyetola, his counterparts in the Transportation ministry, Senator Saidu Alkali, and that of Trade and Investment ministry, Dr. Doris Uzoka-Anite.

During the meeting, the minister highlighted some of the modernisation plans of the government with regards to the ports.

At the meeting with Oyetola, Mr. Svendsen, accompanied by Fredrick Klinke, CEO, APM Terminals Nigeria and Koye Edu, a member of board of the company, the group noted that in the last one year, the Onne Port has been doing better that the Durban Ports, adding that at the moment, the turnaround time in Onne had been reduced by 65 per cent.

Responding, Oyetola, in company of the ministry’s Permanent Secretary, Mr. Olorunola Olufemi, and the Managing Director, National Inland Waterways Authority (NIWA), Alhaji Bola Oyebamiji, assured the group of the support of the ministry.

“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.

“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 stated.