Lagos port terminal to get $50m capacity upgrade

Port and Terminal Multiservices Limited (PTML) is set to invest $50 million in its Lagos terminal to bolster port infrastructure, expand capacity, and improve operational efficiency. The planned investment, announced by PTML Managing Director Ascanio Russo, aims to support Nigeria's ambition to become the premier maritime and logistics gateway in West and Central Africa.

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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.

The upgrade will focus on expanding the terminal's berthing capacity and acquiring state-of-the-art port equipment at the Tin Can Island Port Complex. Russo stated that the Grimaldi Group, PTML's parent company, is "deeply committed to Nigeria and firmly believes in the country’s potential." He added, "This proposed investment of $50m 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."

This expansion will enable PTML to accommodate the next generation of container and roll-on/roll-off vessels, including the largest global ships, directly at the Lagos terminal. Russo emphasized the need to adapt to the evolving maritime industry, noting, "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."

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This proposed investment of $50m 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.

The investment is a direct response to the Federal Government's call for increased private sector participation in modernizing port infrastructure. PTML anticipates significant economic benefits, including facilitated trade, increased cargo throughput, job creation during construction and operation, and higher government revenue. Minister of Marine and Blue Economy Adegboyega Oyetola welcomed the investment, viewing it as a strong endorsement of the government's maritime sector reforms.

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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.