Leading Global Terminal Operator, APM Subsidized $438 Million on infrastructure Development, Information Technology Upgrades and Modern Cargo Handling Equipment in Nigeria
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leone- Trending to its enterprise, the leading transnational terminal operator – APM has financed $348 on in Apapa Port. In a not too distant feature, the corporation previously developed two new multimillion dollars state-of-the-art Mobile Harbor Cranes (MHCs) to increase service delivery at the port, which was commissioned by the Managing Director of Nigerian Ports Authority (NPA) – Hadiza Bala Usman, in Lagos.
Nonetheless, the contemporary cranes were obtained as part of APM Terminals’ following enterprise of $80 million (N33.6billion) for the 2020-2021, generating the total involvement by the firm in Apapa since 2006 to $438 million (about N184billion), which is the highest by any private terminal operator in the country.
Bala Usman on her part, explained the ports were concessional by the Federal Government to modify port efficiency and open government reserves for other developmental purposes. She said cargo volumes at the port have vouched a continual rise due to favorable government policies. She said NPA has proceeded to commit with private terminal operators at the port to rise up to the challenge of the high cargo traffic. The engagement with the operators, according to her, is resulting in substantial results as evidenced by the commissioning of the two new mobile harbor cranes, among others.
APM Terminals invests N150bn in port infrastructure, acquires additional cranes. The company had invested $358 million (N150.36billion) in port infrastructure development, information technology upgrades and modern cargo handling equipment to enhance both quayside and landside operations.
Speaking earlier, the Head of Terminals, Africa and Middle East region of APM Terminals – David Skov, noted before now, the company had capitalized $358million (N150.36billion) in port infrastructure development, information technology upgrades and modern cargo handling equipment to improve both quayside and landside operations.
He said: “The additional investment we are making is to handle the increased trade volumes into Nigeria. Trade in Nigeria is growing due to the many favorable efforts and policies of the Federal government of Nigeria including but not limited to the policy on ease of doing business; stabilization of foreign exchange; closure of the land borders which has increased the use of our sea ports.”
AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com