By Sandra Chukwunyere
Port and Terminal Multiservices Limited (PTML) has unveiled plans to invest $50 million in expanding its terminal facilities at the Tin Can Island Port Complex in Lagos, in a move aimed at boosting operational capacity, improving efficiency and supporting Nigeria’s aspiration to become the leading maritime hub in West and Central Africa.
The proposed investment was announced by PTML Managing Director, Mr. Ascanio Russo, during a visit to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, in Abuja.
Russo said the investment, to be undertaken by PTML, a member of the Grimaldi Group, would focus on expanding the terminal’s berthing capacity and acquiring additional modern port equipment to improve cargo handling operations and service delivery.
According to him, the project is designed to prepare the terminal for the future by enabling it to accommodate larger and more advanced vessels that are increasingly becoming the standard in global maritime trade.
He explained that the planned expansion would position PTML to receive the latest generation of Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest ships currently operating worldwide, directly at its Lagos terminal.
Russo reaffirmed the Grimaldi Group’s confidence in Nigeria’s economic and maritime potential, describing the country as a strategic gateway for trade and logistics in the West and Central African region.
He noted that beyond enhancing port operations, the investment is expected to facilitate trade, increase cargo throughput, create employment opportunities and contribute to higher government revenue through expanded maritime activities.
The PTML boss added that the project aligns with the Federal Government’s call for increased private-sector participation and strategic partnerships in the development and modernisation of the nation’s port infrastructure.
Responding, the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, welcomed the proposed investment, describing it as a strong endorsement of the ongoing reforms being implemented by the Federal Government in the maritime sector.
Oyetola said the investment reflects growing confidence in Nigeria’s maritime industry and demonstrates that efforts to improve the operating environment for investors are beginning to yield positive results.
The Minister reiterated the Federal Government’s commitment to creating an enabling environment for private investment and transforming Nigerian ports into efficient and globally competitive gateways capable of serving as the preferred maritime hub for West and Central Africa.
He noted that government initiatives aimed at modernising port infrastructure, deepening digitalisation, improving operational efficiency and strengthening collaboration with private operators are designed to unlock greater opportunities within the sector.
According to him, the administration remains focused on removing bottlenecks, enhancing the ease of doing business and attracting greater volumes of maritime trade to Nigerian ports.
The Minister expressed optimism that investments such as PTMLs expansion project would further strengthen the country’s position in regional maritime trade while supporting economic growth and job creation.
The development was disclosed in a statement signed by Dr. Bolaji Akinola, Special Adviser to the Honourable Minister of Marine and Blue Economy.
