Firm Plans $50m Investment for Port Expansion

The managing director of Port and Terminal Multiservices Limited (PTML), Ascanio Russo, has unveiled a proposed fresh investment of $50 million in the terminal as part of efforts to strengthen port infrastructure, boost operational efficiency and support Nigeria’s ambition of becoming the leading maritime hub in West and Central Africa.

Russo disclosed the planned investment m during a visit to the minister of Marine and Blue Economy, Dr Adegboyega Oyetola, at the minister’s office in Abuja.

The investment, which will be undertaken by PTML, a member of the Grimaldi Group, is targeted at expanding the terminal’s berthing capacity and acquiring additional state-of-the-art port equipment at the Tin Can Island Port Complex in Lagos.

While briefing the minister, Russo said
“The Grimaldi Group remains deeply committed to Nigeria and firmly believes in the country’s potential as the leading maritime and logistics gateway in West and Central Africa.

“This proposed investment of $50 million is designed to position PTML for the future by expanding our berthing capacity and deploying additional modern equipment that will significantly enhance operational efficiency, cargo handling capability and service delivery.”

He explained that the expanded berthing facilities would enable PTML to receive the next generation of Container/Roll-on Roll-off (Con-Ro) vessels, including the largest Con-Ro ships currently operating globally, directly at the Lagos terminal.

“The maritime industry is evolving rapidly, with larger and more efficient vessels becoming the standard for international trade. Through this expansion, PTML will be fully equipped to accommodate these next-generation Con-Ro vessels, ensuring that Nigeria remains competitive and attractive as a destination for global shipping lines,” he stated.

Responding, the minister welcomed the proposed investment and described it as a strong vote of confidence in the ongoing reforms and transformation efforts being implemented by the federal government in the maritime sector.

The minister reiterated the commitment of the federal government to creating an enabling environment for private investment and ensuring that Nigerian ports become the preferred hub for shipping, logistics and maritime services across West and Central Africa.

“This investment is a clear demonstration that our reforms are yielding positive results and that international investors recognise the immense opportunities within Nigeria’s maritime sector,” Oyetola said.