Nigeria’s biggest port investors want FX stability before expanding

APM Terminals, Nigeria’s largest port operator, says predictable foreign exchange policy and consistent economic reforms will determine whether it and global investors deepen their commitments to the country’s economy.

Frederik Klinke, chief executive officer of the company in Nigeria, said stability in the naira and clear regulatory implementation matter more than headline reforms when it comes to unlocking long-term capital.

“Nigeria has enormous potential and recent reforms show promise. But potential alone is not enough,” Klinke said at the annual conference of European Business Chamber in Nigeria. “Only consistent implementation, not just policy announcements, will build the predictability investors require to commit capital with confidence.”

APM Terminals is Nigeria’s largest container terminal operator. The company has made the highest investment by any private terminal operator in Nigeria, with more than $400 million committed to upgrading port infrastructure, equipment and operations since taking the concession in 2006. It has also been named as a funder for Nigeria’s $1 billion port upgrades project.

Klinke said recent improvements in macroeconomic conditions, particularly in the foreign exchange market, have helped restore cautious optimism. Still, he demands a currency they can rely on to plan expansion.

“Having an exchange rate that you can depend on is crucial for us as a business,” he said. “Our ability to invest is hinged on the reliability of the currency.”

The comments come as Nigeria seeks to attract fresh foreign capital following sweeping reforms that liberalised the naira and removed fuel subsidies, moves made by president Bola Tinubu in an attempt to fix long-standing economic distortions, but which initially triggered inflationary pressure and investor uncertainty.

Osita Izunaso, chairman of the Senate Committee on Capital Markets, pointed to the strong performance of Nigeria’s equities market, which returned more than 50 percent in 2025, as evidence that confidence is gradually returning.

He said the capital market has played a strategic role in recapitalising the banking and insurance sectors, helping to raise more than N3 trillion, adding that a potential listing of the Dangote Refinery could much deepen market liquidity and bring more investors on board.

“Such a listing will allow Nigerians and global investors to participate directly in one of Africa’s most significant assets,” Izunaso said.

Yann Gilbert, president of Eurocham Nigeria, which represents European businesses operating in the country, said rising geopolitical tensions and economic fragmentation are forcing companies to rethink how they operate, making partnerships more important than ever.

“In moments like this, resilience does not come from standing alone,” Gilbert said. “It comes from staying with close, trusted partners, building alliances and remaining agile in the face of uncertainty.”