BPE hails APMT as investment hits N126b

The Bureau of Public Enterprises (BPE) has expressed satisfaction with the level of compliance with the post-acquisition plan by APM Terminals (APMT) and other terminal operators at the Lagos Port Complex, Apapa.

APM Terminals Apapa, which took over the concession at Lagos’ Apapa Container Terminal in 2006, has invested $350 million to date to develop infrastructure, acquire sophisticated cargo handling equipment, modernisation of the terminal, IT hardware and software systems, and additional capacity. The investment has resulted in significant improvements in productivity, with zero waiting time for vessel berthing and a doubling of container volume.

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BPE’s Director in charge of Post Privatisation Department Mr. Yusuf Adamu, after monitoring activities of terminal operators at the Port Complex recently, said the investments and revenue contribution by the port concessionaires to government in the last 13 years has been massive.

He said: “Before the concession, this place was like a market, with uncontrolled movements of people leading to rampant thievery. Some of the quay areas you see now were taken up as residential places until after the concession.

“You can see the level of investments and expansion made by the concessionaires, millions of dollars, and these facilities will eventually revert to government at the end of the agreed period. This is outside their regular throughput and annual lease fees, which they have never defaulted since takeover in 2006, which is in millions of dollars…”