A significant boost is on the horizon for Apapa Port, as APM Terminals, under the leadership of Global CEO Mr. Keith Svendsen, announces intentions to inject $500 million into its development.
The revelation came to light during a pivotal meeting between Mr. Keith Svendsen and Minister of Marine and Blue Economy Adegboyega, as confirmed by the ministry’s official channels.
In a tweet, the ministry shared, “Honorable Minister Adegboyega Oyetola hosted APM Terminals’ Global CEO, Mr. Keith Svendsen, who unveiled plans to infuse half a billion dollars into the strategic Apapa Port in Lagos.”
Furthermore, the ministry emphasized the government’s steadfast commitment to revamp Nigerian ports, aligning them for greater competitiveness within the African maritime landscape.
Acknowledging recent strides, particularly at Onne Port, APM Terminals underscored a remarkable 65% reduction in turnaround time, signalling tangible progress in port operations.
Minister Oyetola reiterated the ministry’s unwavering support for the APM Terminals venture, highlighting the government’s resolve to modernize port infrastructure and explore innovative funding.
With an eye on accommodating larger vessels, plans are underway to elevate the draft level of Apapa and Tincan ports from 13.5% to 16.5%, a move poised to enhance port capacity and efficiency.
Expressing eagerness about the impending investment, Minister Oyetola sought detailed insights to expedite project implementation, assuring APM Terminals of a collaborative partnership with the ministry.
Key Points to Note
- APM Terminals had previously earmarked funds for Apapa Port’s enhancement in 2021.
- Notably, the company had disclosed an investment of approximately $438 million in state-of-the-art cargo handling equipment, setting a milestone as Nigeria’s largest port terminal operator investment.
- Complementing private sector initiatives, the federal government has greenlighted a $1.1 billion rehabilitation fund for ports in the first quarter of 2024, signalling a concerted effort towards bolstering maritime infrastructure.
