The Managing Director of Port and Terminal Multiservices Limited (PTML), Mr. Ascanio Russo, has unveiled a proposed $50 million investment aimed at expanding port infrastructure, enhancing efficiency, and supporting Nigeria’s ambition to become the leading maritime hub in West and Central Africa.
Russo disclosed the investment plan during a visit to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, at his office in Abuja.
The investment, to be undertaken by PTML, a member of the Grimaldi Group will focus on expanding the terminal’s berthing capacity and deploying additional state-of-the-art equipment at the Tin Can Island Port Complex in Lagos.
According to Russo, the move reflects the Group’s strong confidence in Nigeria’s maritime potential and long-term commitment to the country’s logistics ecosystem.
“This proposed $50 million investment will position PTML for the future by expanding our berthing capacity and deploying modern equipment that will significantly improve operational efficiency, cargo handling capability, and service delivery”, he said.
He explained that the upgraded berthing facilities would enable the terminal to receive next-generation Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest currently operating globally.
“The maritime industry is evolving rapidly, with larger and more efficient vessels becoming the norm. This expansion ensures that Nigeria remains competitive and attractive to global shipping lines”, Russo added.
He noted that the project aligns with the Federal Government’s push for increased private-sector participation and international collaboration in the modernisation of port infrastructure.
Russo further highlighted the expected economic benefits, including increased cargo throughput, job creation during construction and operations, improved trade facilitation, and higher government revenue.
Responding, the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, welcomed the proposed investment, describing it as a strong vote of confidence in the ongoing reforms within Nigeria’s maritime sector.
He reaffirmed the Federal Government’s commitment to creating an enabling environment for private investment and transforming Nigerian ports into efficient, globally competitive gateways.
“This investment shows that our reforms are yielding results and that global investors recognise the opportunities in Nigeria’s maritime sector”, Oyetola said.
“We are determined to reposition our ports to drive economic growth, facilitate trade, and firmly establish Nigeria as the maritime hub of West and Central Africa”.
The Minister added that government efforts are focused on improving port efficiency, reducing bottlenecks, upgrading infrastructure, and enhancing ease of doing business.
He listed ongoing initiatives to include port modernisation, deeper collaboration with private operators, digitalisation of port processes, and policy reforms aimed at increasing trade volumes.
The PTML expansion is expected to further accelerate these efforts and strengthen Nigeria’s position in regional and global maritime trade.