Port expansion: PTML plans fresh $50m investment

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Lekki Deep Seaport.

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By Providence Ayanfeoluwa

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The Managing Director of Port and Terminal Multiservices Limited (PTML), Mr. Ascanio Russo, has unveiled plans to invest an additional $50 million in the terminal to strengthen port infrastructure, improve operational efficiency and support Nigeria’s ambition of becoming the leading maritime hub in West and Central Africa.

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Russo disclosed the proposed investment during a visit to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, in Abuja.

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According to a statement 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.

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Russo said: “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.

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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.”

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Responding, Oyetola welcomed the proposal, describing it as a strong vote of confidence in the Federal Government’s ongoing reforms in the maritime sector.

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He 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.

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