APM Terminals reassures Oyetola of $500m investment in Nigeria
BY TEMITOPE ADEBAYO
APM Terminals, Nigeria has reaffirmed the company’s commitment to invest $500 million in expanding its areas of operations in Nigeria.
This was disclosed by the chief financial officer (CFO) of APM Terminals, Peter Wikstrom, when he led a high-level delegation of APM Terminals management to the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja yesterday.
Wikstrom also disclosed that APM Terminals is working closely with the Nigeria Customs Service (NCS) to invest an additional $10 million in the acquisition and deployment of modern cargo scanners at Apapa Port.
The scanners, he noted, would significantly boost trade facilitation and reduce cargo dwell time. Wikstrom further expressed enthusiasm about the ongoing transformation in Nigeria’s maritime sector. ‘This is my first visit to Nigeria, and I’m impressed by the scale of opportunity here,’ adding that, Nigeria, as Africa’s largest economy, is a strategic investment destination for APM Terminals.
Wikstrom said, APM Terminals has operated in Nigeria for over 20 years and sees a promising future for the country, while affirming that, the fresh investment will be channelled towards expanding terminal capacity, enhancing cargo handling efficiency, and supporting the Federal Government’s goal of attracting larger vessels to Nigerian ports.
The delegation also included President, Africa/Europe, Mr. Igor Van den Essen; CEO, APM Terminals Nigeria, Frederik Klinke and CFO, APM Terminals Nigeria, Courage Obadagbonyi.
On his part, the minister welcomed the commitment by APM Terminals, describing the company as a model for terminal operations in the country.
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“We are pleased with the quality of infrastructure that APM Terminals has delivered at the Lagos Port Complex, Apapa. The standard you have set should be the minimum benchmark for other terminal operators across the country.
“This fresh $500 million investment must align with our broader agenda to modernize the Western ports and enhance port competitiveness. The Eastern ports will also not be left behind — we are determined to ensure a holistic upgrade of all Nigerian ports,” Oyetola said.
The minister also emphasised the Federal Government’s drive to deepen draft levels at the Lagos ports to a minimum of 16 metres, which will allow for the berthing of larger vessels, improve turnaround time, and reduce shipping costs.
He further disclosed that, the government is actively pursuing full port modernization and automation, working in close collaboration with the Nigeria Customs Service (NCS) to deploy scanners and eliminate the heavy reliance on physical cargo examinations.
Also speaking, the CEO of APM Terminals Nigeria, Klinke, thanked the minister for his commitment to reforms in the maritime sector and expressed appreciation to the Minister for his leadership and the strong encouragement he has provided to investors.
He said the Minister’s efforts to remove procedural bottlenecks at the port are already yielding results, and ‘we are proud to be part of the journey to transform Nigerian ports.’
