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Port and Terminal Multiservices Limited (PTML) has unveiled plans to invest $50 million in expanding its operations at the Tin Can Island Port Complex in Lagos, in a move expected to boost cargo capacity, improve port efficiency and strengthen Nigeria’s bid to become West and Central Africa’s leading maritime hub.
The Managing Director of PTML, Mr Ascanio Russo, announced the proposed investment on Tuesday during a visit to the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, in Abuja.
PTML, a member of the Grimaldi Group, said the investment would be channelled into expanding the terminal’s berthing facilities and acquiring additional modern cargo-handling equipment.
According to Russo, the expansion will position the terminal to receive a new generation of Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest currently operating globally.
He said the project reflects the Grimaldi Group’s long-term confidence in Nigeria’s economic potential and its strategic position as a regional logistics gateway.
“The maritime industry is evolving rapidly, with larger and more efficient vessels becoming the standard for international trade. This expansion will ensure PTML remains equipped to handle next-generation Con-Ro vessels and strengthen Nigeria’s competitiveness as a destination for global shipping lines,” he said.
Russo added that the investment aligns with the Federal Government’s drive to attract greater private-sector participation in port modernisation and infrastructure development.
He noted that the project would stimulate economic activity by increasing cargo throughput, creating jobs during construction and operation, and generating additional government revenue through enhanced port activities.
Responding, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, described the proposed investment as a strong endorsement of the Federal Government’s ongoing reforms in the maritime sector.
He reiterated the government’s commitment to creating an enabling environment for investors and positioning Nigerian ports as the preferred destination for shipping, logistics and maritime services in West and Central Africa.
“This investment demonstrates growing investor confidence in Nigeria’s maritime sector and affirms that our reform agenda is delivering results,” Oyetola said.
“We are determined to build modern, efficient and globally competitive ports that will facilitate trade, drive economic growth and establish Nigeria as the maritime hub of West and Central Africa.”
The minister said the government is intensifying efforts to improve port efficiency by tackling operational bottlenecks, upgrading infrastructure, expanding digitalisation and strengthening collaboration with private operators.
He added that the reforms are aimed at improving the ease of doing business and attracting greater volumes of maritime trade into the country.
