Nigeria's PTML plans $50 million port expansion

Ascanio Russo, Managing Director of Port and Terminal Multiservices Limited (PTML), announced plans for a $50 million investment to enhance the terminal's infrastructure and operational efficiency. This strategic injection of capital is intended to bolster Nigeria's position as a premier maritime and logistics gateway in West and Central Africa.

The proposed investment will expand the terminal's berthing capacity and introduce advanced port equipment at the Tin Can Island Port Complex in Lagos. Russo, representing PTML, a subsidiary of the Grimaldi Group, emphasized the group's strong commitment to Nigeria and its belief in the nation's vast potential.

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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.

"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," Russo stated. He highlighted that the expansion aims to improve service delivery and cargo handling.

Dr. Adegboyega Oyetola, Nigeria's Minister of Marine and Blue Economy, welcomed the proposal, viewing it as a significant endorsement of the government's ongoing reforms in the maritime sector. Oyetola reiterated the government's dedication to fostering an environment conducive to private investment, with the ultimate goal of establishing Nigerian ports as the preferred hub for shipping and maritime services in the region.

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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.