APM Terminals to invest additional $500m in Apapa port
Top container terminal operator, APM Terminals has expressed its readiness to invest a sum of N500million at the Lagos Port Complex Apapa, to expand the port and make it one of the largest in Africa.
APM Terminals Global CEO, Keith Svendsen disclosed this on Thursday when he met with top Nigerian government officials including President Bola Ahmed Tinubu; Minister of Marine and Blue Economy, Adegboyega Oyetola; Minister of Transportation, Senator Saidu Alkali and the Minister of Industry, Trade and Investment, Doris Uzoka-Anita, in Abuja.
Svendsen, who was accompanied on the visit by the Country CEO of APM Terminals Nigeria, Frederik Klinke and a Board Member of APM Terminals Apapa, Koye Edu, assured of the Group’s long-term commitment to Nigeria.
He said the two container terminals managed in Nigeria by APM Terminals – namely APM Terminals Apapa and West Africa Container Terminal (WACT), Onne have both received substantial investments and are among the top terminals in Africa.
He said WACT Onne, for instance, is already doing better than the port of Durban in South Africa in terms of efficiency. He said vessel turnaround time at WACT has improved by 65%.
In his response, the Minister of Marine and Blue Economy, Adegboyega Oyetola reiterated the Federal Government’s commitment to the mordenisation of ports in Nigeria to make it more competitive.
“We have resolved to modernise the ports and only looking at funding strategies. We have resolved to increase the drought level of the Apapa and Tin Can 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 that you have a partner in us,” the minister said.
