Joyce Mmereole Okoli
The Managing Director of Port and Terminal Multiservices Limited (PTML), Mr. Ascanio Russo, has unveiled plans for a fresh $50 million investment in the terminal to expand port infrastructure, improve operational efficiency and support Nigeria’s ambition of becoming the leading maritime hub in West and Central Africa.
Russo disclosed the proposed investment on Tuesday during a visit to the Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, at the Ministry’s headquarters in Abuja.
The investment, to be undertaken by PTML, a member of the Grimaldi Group, is aimed at expanding the terminal’s berthing capacity and acquiring additional state-of-the-art port equipment at the Tincan Island Port Complex, Lagos.
According to Russo, the investment reflects Grimaldi’s long-term confidence in Nigeria’s strategic position as a maritime and logistics gateway in the sub-region.
“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. 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 capacity and service delivery,” he said.
He explained that the planned expansion would enable PTML to receive the next generation of Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest Con-Ro ships currently operating globally, directly at the Lagos terminal.
Russo noted that the maritime industry is rapidly evolving, with larger and more efficient vessels becoming the standard for international trade, adding that the PTML expansion would ensure Nigeria remains competitive and attractive to global shipping lines.
“Through this expansion, PTML will be fully equipped to accommodate next-generation Con-Ro vessels, ensuring that Nigeria remains competitive and attractive as a destination for global shipping lines,” he stated.
He added that the project aligns with the Federal Government’s call for greater private sector participation and international partnerships in the modernisation of the nation’s port infrastructure.
Russo further highlighted the expected economic gains from the investment, saying it would facilitate trade, increase cargo throughput, create jobs during both the construction and operational phases, and boost government revenue through expanded port activities.
Responding, the Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, welcomed the proposed investment, describing it as a strong vote of confidence in the Federal Government’s ongoing reforms and transformation drive in the maritime sector.
He reaffirmed the Federal Government’s commitment to creating an enabling environment for private investment and ensuring that Nigerian ports emerge as the preferred hub for shipping, logistics and maritime services across the West and Central African region.
“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. 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,” Oyetola said.
The Minister noted that the Federal Government is implementing a broad range of measures aimed at improving port efficiency, reducing operational bottlenecks, upgrading infrastructure and enhancing the ease of doing business across the nation’s ports.
He said these efforts include ongoing port modernisation initiatives, stronger collaboration with private terminal operators, improved digitalisation of port processes and targeted policies designed to enhance efficiency and attract greater volumes of maritime trade.
