Nigeria climbs Onne up
The Port of Onnes West Africa Container terminal (WACT) has recorded container volume growth of 18% through May 2010, compared with the same period in 2009, as West Africa and other economically emerging markets set the pace for trade recovery.
The April 2010 World Economic Outlook released by the International Monetary Fund (IMF) has projected emerging economies to grow at an annual rate of 6.3% for 2010, significantly outperforming the 2.3% economic growth rate forecast for the advanced economies of North America, Europe and Japan. In 2009, 37% of APM Terminal’s revenue was generated in emerging markets of Asia, Africa, Latin America and the Middle East.
The port, one of two Nigerian facilities managed by APM Terminals, is located along the Bonny River near Port Harcourt in Rivers State within the Onne Oil & Gas Free Zone, and is the largest oil support port in the Southern Hemisphere. Nigeria, which with a population of 150 million is Africa’s most populous country, ranks 10th globally in proven oil reserves. The IMF has projected Nigeria’s economy to grow by 7% in 2010, up from 5.6% in 2009.
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