By Oluyinka Onigbinde
Port and Terminal Multiservices Limited (PTML) has unveiled plans to invest an additional $50 million in expanding its terminal operations at the Tin Can Island Port Complex, Lagos, in a move aimed at strengthening Nigeria’s port infrastructure, boosting cargo handling capacity and reinforcing the country’s position as the leading maritime hub in West and Central Africa.
The Managing Director of PTML, Mr. Ascanio Russo, disclosed the investment plan during a visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja on Tuesday.
According to Russo, the proposed investment by PTML, a member of the Grimaldi Group, will focus on expanding the terminal’s berthing facilities and acquiring additional state-of-the-art port equipment to improve operational efficiency and enhance service delivery.
He said the investment reflects the group’s long-term confidence in Nigeria’s economy and maritime sector.
“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,” Russo stated.
He explained that the expansion project would position PTML to handle the next generation of Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest Con-Ro ships currently operating in the global shipping industry.
According to him, the maritime industry is witnessing a rapid shift towards larger and more efficient vessels, making it imperative for ports and terminals to upgrade their facilities to remain competitive.
“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 said.
Russo noted that the proposed investment aligns with the Federal Government’s policy of encouraging greater private sector participation and international partnerships in the modernisation of critical maritime infrastructure.
Beyond improving port operations, he said the project is expected to deliver significant economic benefits, including increased cargo throughput, enhanced trade facilitation, job creation during both the construction and operational phases, and higher government revenue generated from increased port activities.
Responding, Oyetola welcomed the planned investment, describing it as a major endorsement of the ongoing reforms being implemented by the Federal Government in the maritime sector.
The minister said the development demonstrates growing investor confidence in Nigeria’s port reforms and the opportunities emerging within the country’s blue economy.
“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 Federal Government’s commitment to creating an enabling environment for private investment and ensuring that Nigerian ports become the preferred destination for shipping, logistics and maritime services in the sub-region.
According to him, the administration is determined to transform the nation’s ports into modern, efficient and globally competitive gateways capable of driving economic growth and supporting international trade.
Oyetola further disclosed that the government is actively implementing measures to improve port efficiency, eliminate operational bottlenecks, strengthen infrastructure and enhance the ease of doing business at the country’s seaports.
The minister listed ongoing initiatives to include port modernisation programmes, increased collaboration with private terminal operators, digitalisation of port processes and policy reforms designed to attract greater volumes of maritime trade.
Analysts say the proposed PTML expansion comes at a critical period when Nigeria is intensifying efforts to reclaim cargo traffic lost to neighbouring countries and position its ports as major gateways for regional and continental trade under the African Continental Free Trade Area (AfCFTA).
If implemented as planned, the $50 million investment is expected to significantly increase PTML’s capacity, improve vessel turnaround time and contribute to the Federal Government’s broader objective of transforming Nigeria into the maritime and logistics hub of West and Central Africa.
