Global port operator, APM Terminals, has announced plans to invest an additional $600m in Nigeria following talks with President Bola Tinubu on the sidelines of the Africa CEO Forum in Kigali, Rwanda.
The proposed investment was disclosed during a bilateral meeting between the President and the company’s top management on Thursday, as discussions centred on expanding Nigeria’s port infrastructure and logistics capacity.
Special Adviser to the President on Media and Publicity, Sunday Dare, who briefed journalists after the meeting, described the development as a major boost for Nigeria’s maritime and logistics sector.
According to him, the company, which currently handles about half of Nigeria’s containerised trade through its facilities in Apapa, Onne and Kano, expressed readiness to deepen its footprint in the country.
“They are already in Nigeria and have an agreement to remain until 2031, but during the meeting they announced plans to invest another $600m,” Dare said.
APM Terminals operates under an exclusive lease agreement with Barging Marine Solutions Ltd. scheduled to run until September 2031, focusing on expanding port and logistics services around Apapa and other operational areas.
The company’s operations in Apapa, Onne and Kano reportedly account for nearly half of Nigeria’s container traffic while providing direct and indirect employment for more than 10,000 Nigerians.
In September 2024, the company launched a $115m expansion project at the West African Container Terminal in Onne, Rivers State.
Dare described the latest investment commitment as one of the biggest single investments in Nigeria’s port and logistics industry since the concession of terminal operations under the country’s port reforms in the mid-2000s.
The presidential aide also disclosed that Tinubu held separate meetings with officials of the International Finance Corporation over potential investments in energy, housing and transportation infrastructure.
According to him, the IFC is expected to send a delegation to Nigeria to explore possible areas of collaboration with the Federal Government.
“They are looking at critical sectors that need support, particularly in energy and power infrastructure,” Dare stated.
Tinubu also met with a group of solid minerals investors currently operating in Guinea, who reportedly expressed interest in expanding operations into Nigeria through an integrated infrastructure and mining model.
Dare said the President’s engagements at the Africa CEO Forum had attracted growing investor confidence in Nigeria, which he linked to the administration’s economic reforms and efforts to stabilise the economy.
The Africa CEO Forum, which began on Thursday in Kigali, is expected to end on Friday.
