APM Terminals’ Global CEO, Mr. Keith Svendsen, has announced plans to invest $500 million in Apapa Port.
Svendsen revealed this during a meeting with Minister of Marine and Blue Economy, Adegboyega, according to the ministry’s official X handle.
- “Yesterday, the Honorable Minister Adegboyega Oyetola received the Global CEO of APM Terminals, Mr. Keith Svendsen, who expressed readiness to invest half a billion dollars in Apapa Port in Lagos,” the tweet read in part.
The ministry’s X handle post also revealed that the minister stressed the government’s dedication to modernizing Nigerian ports for enhanced competitiveness against other ports across Africa.
During the meeting with Oyetola, APM Terminals officials acknowledged that over the past year, there have been certain improvements in the ports, with particular emphasis on the progress at Onne Port.
- “APM Terminals noted improvements at Onne Port, reducing turnaround time by 65%,” the post on the ministry’s X handle read.
The Minister Oyetola of Marine and Blue Economy assured the APM Group of the ministry’s support. He mentioned that the Federal Government had resolved to modernize the ports and were exploring funding strategies.
Additionally, he stated their plan to increase the draft level of Apapa and Tincan ports from 13.5% to 16.5% to accommodate larger vessels.
The minister expressed excitement about the potential investment and requested specific details to facilitate progress. He assured the group that they had a partner in the ministry.
What you should know
- APM Terminals previously committed funds to upgrade Apapa Port, as reported by Nairametrics in 2021.
- The port operating company disclosed an investment of around $438 million in modern cargo handling equipment, marking the largest investment by a port terminal operator in Nigeria at the time.
- Alongside private initiatives, the Federal Government also aimed to enhance ports, approving $1.1 billion for rehabilitation in the first quarter of 2024, as reported by Nairametrics in November 2023.
Hope it’s not just another of the long line of AUDIO “investments” (that began with the supposed $14 billion from the G20 Summit in India)…