The Managing Director of Port and Terminal Multiservices Limited (PTML), Mr. Ascanio Russo, has announced plans to invest an additional $50 million in the company’s terminal to boost 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 during a visit to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, in Abuja.
According to a statement issued by the Minister’s Special Adviser, Dr. Bolaji Akinola, the investment by PTML, a member of the Grimaldi Group, will expand the terminal’s berthing capacity and provide additional state-of-the-art port equipment at the Tin Can Island Port Complex in Lagos.
Russo said the Grimaldi Group remained committed to Nigeria and believed strongly in the country’s potential as the leading maritime and logistics gateway in the sub-region.
He said the proposed investment would position PTML for future growth by expanding its berthing capacity and deploying modern equipment to enhance operational efficiency, cargo handling capacity and service delivery.
In response, Oyetola welcomed the proposed investment, describing it as a strong vote of confidence in the Federal Government’s ongoing reforms in the maritime sector.
The minister reaffirmed the government’s commitment to creating an enabling environment for private investment and positioning Nigerian ports as the preferred hub for shipping, logistics and maritime services in West and Central Africa.