In a significant move to enhance maritime infrastructure, APM Terminals, the owners of Apapa port, have declared their intention to invest half a billion dollars in transforming it into one of the largest ports in Africa.

The Global CEO of APM Terminals, Mr. Keith Svendsen, conveyed this commitment during his meeting with the Minister of Marine and Blue Economy, Adegboyega Oyetola, on Thursday night.

The announcement follows a meeting earlier in the day between the APM group and President Bola Ahmed Tinubu, attended by Minister Oyetola, Senator Saidu Alkali of the Transportation ministry, and Dr. Doris Uzoka-Anite of the Trade and Investment ministry. During the session, the minister outlined the government’s modernization plans for the country’s ports.

In the subsequent meeting with Minister Oyetola, Mr. Svendsen, accompanied by Fredrick Klinke (CEO APM Terminals, Nigeria) and Koye Edu (a member of the company’s board), highlighted the significant improvements in Onne ports over the past year, surpassing Durban ports in performance. He noted a 65% reduction in turnaround time at Onne.

Minister Oyetola, joined by Mr. Olorunola Olufemi (Permanent Secretary, Ministry of Marine and Blue Economy) and Alhaji Bola Oyebamiji (Managing Director, National Inland Waterways Authority, NIWA), assured the APM group of his ministry’s support.

“We have resolved to modernize the ports, and we are exploring funding strategies. We aim to increase the drought level of the Apapa and Tincan ports from the current 13.5 to 16.5 percent, allowing larger vessels to berth and reversing the trend that makes other ports more attractive than ours,” stated Minister Oyetola. “We are excited about this potential investment and will be glad to receive specifics soonest for progress. I can assure you; you have a partner in us,” he added.