Maritime Reforms Attracted Fresh $50m PTML Investment – Oyetola

The minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has said that ongoing reforms in Nigeria’s maritime sector are attracting fresh investments, following the announcement by Port and Terminal Multiservices Limited (PTML) of a proposed $50 million expansion project.

Oyetola stated this on Wednesday in Abuja when he received the managing director of PTML, Ascanio Russo, who led a delegation from the company to the minister’s office.

PTML, a member of the Grimaldi Group, unveiled plans to invest $50 million in expanding its terminal facilities at the Tin Can Island Port Complex in Lagos.

According to Russo, the investment will focus on increasing the terminal’s berthing capacity and acquiring additional state-of-the-art port equipment to enhance operational efficiency and cargo handling capabilities.

He said the project would position the terminal to receive next-generation Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest Con-Ro ships currently operating globally.

“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,” Russo said.

He noted that the expansion was in response to the Federal Government’s call for increased private sector participation and international partnerships in the modernisation of the nation’s port infrastructure.

Russo added that the investment would boost trade, increase cargo throughput, create jobs during construction and operational phases, and enhance government revenue through increased port activities.

Responding, Oyetola described the proposed investment as a strong vote of confidence in the Federal Government’s reform agenda in the maritime sector.

“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,” the minister said.

“We are determined to transform our ports into modern, efficient and globally competitive gateways that will support economic growth, facilitate trade and position Nigeria as the maritime hub of West and Central Africa.”

Oyetola reaffirmed the Federal Government’s commitment to creating an enabling environment for private investment and ensuring that Nigerian ports emerge as the preferred hub for shipping, logistics and maritime services across the region.

He said government was implementing measures aimed at improving port efficiency, eliminating operational bottlenecks, strengthening infrastructure and enhancing ease of doing business at the nation’s seaports.

According to him, ongoing initiatives include port modernisation programmes, improved digitalisation of port processes, stronger collaboration with private terminal operators and policies designed to attract greater volumes of maritime trade.

The minister expressed optimism that such investments would further strengthen Nigeria’s competitiveness and accelerate the realisation of its maritime hub aspirations in West and Central Africa.