PTML Unveils $50m Investment Plan To Expand Lagos Port Operations

Port and Terminal Multiservices Limited (PTML), a subsidiary of the Grimaldi Group, has announced plans to invest $50 million in expanding its terminal facilities at the Tin Can Island Port Complex, Lagos.

The proposed investment is aimed at upgrading port infrastructure, improving operational efficiency, increasing cargo handling capacity and strengthening Nigeria’s position as a major maritime hub in West and Central Africa.

The Managing Director of PTML, Ascanio Russo, disclosed the investment plan during a visit to the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, in Abuja.

Russo said the investment would focus on expanding the terminal’s berthing capacity and acquiring modern port equipment to enhance service delivery and enable the facility to accommodate larger vessels.

According to him, the Grimaldi Group remains committed to Nigeria and believes strongly in the country’s potential to become the leading maritime and logistics gateway in the region.

“The 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,” Russo stated.

He added that the expanded facilities would allow the terminal to receive next-generation Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest ships currently operating globally.

Russo noted that the maritime industry is undergoing rapid transformation, with bigger and more efficient vessels becoming increasingly important in 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.

Responding, Minister Oyetola described the planned investment as a demonstration of confidence in the Federal Government’s ongoing reforms in the maritime sector.

The minister said the government remained committed to creating an enabling environment for private sector participation and ensuring that Nigerian ports become the preferred destination for shipping, logistics and maritime services in Africa.

Oyetola said the investment reflected growing investor confidence in the opportunities available within Nigeria’s maritime industry.

“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,” the minister stated.