BUSINESS
Why PTML Wants to Invest $50 Million in Lagos Port Expansion
Port and Terminal Multiservices Limited (PTML) has announced plans to invest an additional $50 million to expand its terminal facilities in Lagos, a move aimed at strengthening port infrastructure, improving operational efficiency, and advancing Nigeria’s drive to become the leading maritime and logistics hub in West and Central Africa.
PTML Managing Director, Ascanio Russo, disclosed the investment plan during a visit to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, in Abuja. The project will expand the terminal’s berthing capacity and introduce additional state-of-the-art cargo-handling equipment at the Tin Can Island Port Complex.
According to a statement issued by the Minister’s Special Adviser, Dr. Bolaji Akinola, the investment underscores the Grimaldi Group’s long-term commitment to Nigeria’s maritime sector and is expected to enhance cargo handling capacity, improve service delivery, and boost the competitiveness of Nigerian ports.
Russo said the investment reflects the Grimaldi Group’s confidence in Nigeria’s economic potential and its strategic position as a maritime gateway for West and Central Africa.
Responding, Oyetola welcomed the initiative, describing it as a strong endorsement of the Federal Government’s ongoing reforms in the maritime sector. He reaffirmed the administration’s commitment to providing an enabling environment for private investment while positioning Nigerian ports as the preferred destination for shipping, logistics, and maritime services across the region.
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