Senior APM Terminals leaders have met with the Nigerian Federal Minister of Industry, Trade & Investment as part of ongoing discussions on port infrastructure investments.
The investments aim to promote Nigerian economic development through access to world-class logistics capabilities. African port utilisation currently exceeds 70% and is expected to reach 80% over the next decade, resulting in worsening port congestion and constrained economic growth. The IMF has projected Nigerian GDP growth rates of 7.2% in 2013 and 7% in 2014, with Africa as a whole forecasted to see economic growth of 5.5% this year.
In recognition of increasing pressure on trade and economic performance, governments are partnering with private terminal operators to accelerate infrastructure development, create jobs and attract more investments.
APM Terminals’ proposed Badagry mega-port project is one of many initiatives by APM Terminals designed to modernize Africa’s infrastructure.
The new Badagry port promises to transform Nigeria’s global trade access by creating the most modern multi-purpose port on the African continent. It includes container, bulk, petrochemical and RoRo cargo-handling capabilities just 55 km (34 miles) from the City of Lagos, Nigeria’s fastest growing city, with a population estimate of 20 million people.
“Ports are linked to the industrial development of the country and we welcome more port investment. We are excited about the Badagry port project and how this multi-purpose facility aligns with our industrial development plans for the nation”, said Minister, Mr. Olusegun Aganga
APM Terminals Africa-Middle East Regional CEO Peder Sondergaard commented,
“Last year, APM Terminals committed more than USD 175 million in investments across our African portfolio. We want to continue this pace to serve the ambitions of Africa’s countries and people.”
We see our African investment initiatives not only as an attractive business strategy, but also as a responsibility in promoting economic growth and social progress in underserved emerging markets” added Mr. Sondergaard.