Ampt's investment in Nigeria hits N52.6bn

Dallas Hampton, director of leading terminal concessionaire at the Apapa Port, APM Terminals Apapa Ltd, said the company has invested US$200m (NGN31.4bn) in its facilities in Nigeria to-date and plans to invest another US$135m (NGN 21.2bn) before the end of the year.

Mr Hampton said the new investment, would cover cost of civil works on modern facilities for receiving cement and other extension projects.

He said: "Our level of investment in Nigeria is very extensive. Our investment is about US$200m today, but we have just announced a new extension in the terminal, where we will spend another US$135m. So, that will be on top of whatever we have invested till today, which is about US$200m. That will make about US$335m which we have committed to spend."

APMT got the contract to manage the biggest terminal at Apapa Port in a 25-year concession in 2006 when the federal government opted for the concession model to manage the nation's dwindling ports, while retaining the Nigeria Ports Authority as the landlord.