Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola (left), and the Managing Director of Port and Terminal Multiservices Limited (PTML), Mr. Ascanio Russo, during a meeting on PTML’s fresh investment of an additional $50 million at the Tin Can Island Port Complex, Lagos, held in the Minister’s office in Abuja on Tuesday.
The Managing Director of Port and Terminal Multiservices Limited (PTML), Mr Ascanio Russo, has unveiled a proposed fresh investment of $50 million in the terminal as part of efforts to strengthen port infrastructure, boost operational efficiency and support Nigeria’s ambition of becoming the leading maritime hub in West and Central Africa.
This was contained in a statement signed by Dr. Bolaji Akinola, Special Adviser to the Honourable Minister, Federal Ministry of Marine and Blue Economy, Bukar Dipcharima House, Federal Capital Territory, Abuja.
Russo disclosed the planned investment during a visit to the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, at the Minister’s office in Abuja.
The investment, which will be undertaken by PTML, a member of the Grimaldi Group, is targeted at expanding the terminal’s berthing capacity and acquiring additional state-of-the-art port equipment at the Tin Can Island Port Complex in Lagos.
“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 said. “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.”
He explained that the expanded berthing facilities would enable PTML to receive the next generation of Container/Roll-on Roll-off (Con-Ro) vessels, including the largest Con-Ro ships currently operating globally, directly at the Lagos terminal.
“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 stated.
Russo said the project was a direct response to the Federal Government’s call for increased private-sector participation and international partnerships in the modernisation of the nation’s port infrastructure.
He highlighted the expected economic benefits of the investment, noting that it would facilitate trade, increase cargo throughput, generate employment opportunities during both construction and operational phases, and contribute to higher government revenue through enhanced port activities.
Responding, the Minister welcomed the proposed investment and described it as a strong vote of confidence in the ongoing reforms and transformation efforts being implemented by the Federal Government in the maritime sector.
The Minister reiterated the commitment of the Federal Government to creating an enabling environment for private investment and ensuring that Nigerian ports become the preferred hub for shipping, logistics and maritime services across West and Central Africa.
“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.
“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.”
The Minister said the Federal Government was actively implementing measures aimed at improving port efficiency, reducing operational bottlenecks, enhancing infrastructure and strengthening the ease of doing business across the nation’s ports.
He noted that ongoing efforts include port modernisation initiatives, deeper collaboration with private-sector operators, improved digitalisation of port processes and policies designed to increase efficiency and attract greater volumes of maritime trade.
