Port and Terminal Multiservices Limited (PTML) has announced plans to invest $50 million in its terminal facilities in Lagos as part of efforts to improve port operations and strengthen Nigeria’s position in the maritime sector.
The announcement was made by PTML Managing Director, Ascanio Russo, during a visit to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, in Abuja.
According to Russo, the investment will focus on expanding PTML’s berthing capacity and acquiring modern port equipment at the Tin Can Island Port Complex in Lagos. The project is expected to improve cargo handling, increase operational efficiency, and provide better services to shipping companies and customers.
PTML is a member of the Grimaldi Group, an international shipping and logistics company. Russo said the group remains committed to investing in Nigeria because of its strong belief in the country’s potential to become the leading maritime and logistics hub in West and Central Africa.
He explained that the planned expansion will prepare the terminal for future growth and enable it to handle larger vessels that are becoming common in global trade.
“The maritime industry is changing rapidly, with bigger and more efficient ships now being used for international shipping,” Russo said. “This investment will ensure PTML is ready to accommodate these vessels and continue providing world-class services.”
One of the key benefits of the project is the expansion of the terminal’s berthing facilities. This will allow PTML to receive next-generation Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest ships of their kind currently operating around the world.
Industry experts believe that the ability to handle larger vessels will improve Nigeria’s competitiveness in the global shipping market. It could also help attract more international shipping lines, increase trade activities, and create economic opportunities within the maritime sector.
Responding to the announcement, Minister Oyetola welcomed the proposed investment and described it as a positive sign for Nigeria’s maritime industry. He said the project reflects growing confidence among international investors in the reforms being introduced by the Federal Government.
According to the minister, the government remains focused on creating a business-friendly environment that encourages private sector investment and supports the development of modern port infrastructure.
He added that improving the nation’s ports is an important step toward making Nigeria the preferred destination for shipping, logistics, and maritime services in West and Central Africa.
Oyetola noted that investments such as PTML’s planned expansion show that ongoing reforms are beginning to deliver results. He expressed optimism that more investors would be attracted to the sector as the government continues its efforts to modernize port operations and improve efficiency.
If completed as planned, the $50 million investment is expected to strengthen Nigeria’s maritime capacity, boost trade activities, and support the country’s long-term ambition of becoming a major shipping and logistics hub in the region.
