A new $600 million investment is set to enter Nigeria following the exhaustion of an initial $115 million, enhancing confidence in the nation’s investment environment. This news aligns with positive signals from foreign direct investors (FDIs) who visited the Onne Oil/Gas Free Zone last week and expressed interest in further investments in Nigeria.
The announcement was made during the commissioning of a $115 million upgrade of the West African Container Terminal (WACT) in Onne by APM Terminals. Olaf Gelhausen, Chief Operating Officer of APM Terminals, stressed that the $115 million investment was a testament to the company’s confidence in Nigeria’s economic potential.
“This investment ($115 million plus the $600 million on the way) is a sign of our unwavering belief in Nigeria and a vote of confidence in its future and growth,” Gelhausen stated.
“As Africa’s largest economy and most populous nation, Nigeria is on the brink of remarkable growth. We are proud to be catalysts in this journey, transforming WACT into a world-class facility to drive trade and prosperity across West Africa.”
Jeethu Jose, Managing Director of APM Terminals (West Africa), underscored that their investments demonstrated love, unity, and collaboration, with the aim of making Nigeria the African hub.
“It is not just about celebration but a shared vision to make Nigeria the African hub,” he said, noting the installation of CCTV and other facilities that have created a safer environment and a highly trained workforce.
Jose also listed several improvements that position Onne Port as one of the best in Africa, including a solar power system, expanded yard space, and updated traffic management. He pointed out that APM Terminals is committed to corporate social responsibility (CSR), especially in education, health, and infrastructure for the local community.
Frederik Klinke, CEO of APM Terminals Nigeria, raised hopes further by mentioning that a new $600 million investment will enhance Nigeria’s operations, particularly at Lagos’ Apapa port. He clarified that this investment represents the future of Nigeria’s trade.
The project’s impact is expected to result in faster cargo turn-around times and increased facility capacity, modern logistics, multimodal connectivity, solar power, and overall operational excellence, all aimed at enhancing global trade.
Government officials, including Vice President Kashim Shettima and the Minister of Marine and Blue Economy, Adegboyega Oyetola, expressed their support and optimism for the project. The Vice President’s representative, Musaddiq Mustapha, described the initiative as a testament to the government’s commitment to infrastructure development, while Oyetola’s representative, Olufemi Oloruntola, stressed the project’s role in strengthening the foundations of the new Blue Economy.
The Comptroller-General of the Nigerian Customs Service, Bashir Adewale Adeniyi, highlighted the project’s potential to decongest ports and drive international trade, while other government and industry leaders lauded the APM Terminals’ contributions and commitment to Nigeria’s maritime sector.
The event highlighted that Nigeria’s maritime investment profile is gaining traction and that the government’s 2006 port concession policy is proving to be a cornerstone for the growth of the maritime economy.
