Port and Terminal Multiservices Limited (PTML) has announced plans to invest $50 million in expanding its terminal facilities at the Tin Can Island Port Complex in Lagos, to boost cargo handling capacity, improve operational efficiency and strengthen Nigeria’s position as a leading maritime gateway in West and Central Africa.
PTML’s Managing Director, Mr. Ascanio Russo, disclosed this during a visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola, according to a statement made available by Oyetola’s Special Adviser, Bolaji Akinola on Wednesday in Abuja.
Russo said the investment, backed by the Grimaldi Group, would focus on expanding the terminal’s berthing facilities and acquiring additional modern port equipment to accommodate growing maritime traffic and evolving shipping demands.
According to him, the project will enable PTML to receive next-generation Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest vessels currently operating globally.
“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,” Russo said.
He described Nigeria as a strategic logistics gateway for the sub-region and reaffirmed the Grimaldi Group’s confidence in the country’s economic and maritime potential.
Russo added that the project aligns with the Federal Government’s drive to attract greater private-sector participation in port development and modernisation.
Beyond improving infrastructure, he noted that the investment is expected to increase cargo throughput, facilitate trade, create jobs during construction and operation phases, and boost government revenue through enhanced port activities.
Responding, Oyetola welcomed the proposed investment, describing it as a strong endorsement of ongoing reforms in the maritime sector.
The minister said the Federal Government remained committed to creating an enabling environment for investors and transforming Nigerian ports into efficient and globally competitive gateways.
“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.
He reiterated the government’s determination to position Nigeria as the preferred maritime, shipping and logistics hub for West and Central Africa through infrastructure upgrades, policy reforms and stronger collaboration with private operators.
According to the minister, ongoing efforts to improve port operations include infrastructure modernisation, digitalisation of port processes, reduction of operational bottlenecks and initiatives aimed at enhancing the ease of doing business.
