Nigeria has signed a Memorandum of Understanding (MoU) with APM Terminals, the ports business of Danish shipping and logistics group A.P. Moller–Maersk, to advance the proposed $2.5 billion Badagry Deep-Seaport, during a ministerial visit to Denmark aimed at securing further investment in Nigeria's maritime infrastructure.
The MoU was signed in Copenhagen during a visit by Nigeria's Minister of Marine and Blue Economy, Adegboyega Oyetola, and a Federal Government delegation, as the government engaged Danish authorities, maritime-sector stakeholders and international investors on opportunities in Nigeria's blue economy.
The agreement adds the Badagry project to a growing pipeline of port investments and infrastructure commitments in Nigeria, following recent transactions involving Mediterranean Shipping Company (MSC), Nigerdock, the United Kingdom and the expansion of Lekki Deep Sea Port.
MoU was signed by Vincent Clerc, Group Chief Executive Officer of A.P. Moller–Maersk, on behalf of APM Terminals, and Didi Ndiomu, Managing Director of Badagry Port Development Limited and Quinn McGrath Marine and Environmental Services Limited.
The agreement commits the parties to exclusive negotiations to explore the development of the greenfield port, which is expected to add deepwater capacity capable of handling larger container vessels and create new transshipment opportunities for Nigeria and the wider West and Central African markets.
The ministerial engagement also covered APM Terminals' existing Nigerian operations, with discussions on the potential extension of its concessions at the Lagos Port Complex, Apapa, and the West Africa Container Terminal (WACT) in Onne.
The discussions therefore place the Badagry project within a broader government effort to secure long-term private-sector capital for both new and existing port infrastructure.
The Badagry Deep-Seaport project was approved by the Federal Executive Council in 2022 under a Build, Own, Operate and Transfer (BOOT) public-private partnership structure. The project is under the regulatory oversight of the Infrastructure Concession Regulatory Commission and is expected to generate more than $53 billion over its proposed 45-year concession period.
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