Nigeria’s drive to become the leading maritime hub in West and Central Africa has gained momentum with Port and Terminal Multiservices Limited (PTML) unveiling plans to invest $50 million in expanding and modernising its Lagos terminal.
The proposed investment was announced by PTML Managing Director, Mr Ascanio Russo, during a visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja. PTML, a member of the Grimaldi Group, plans to use the funds to expand berthing capacity and acquire additional state-of-the-art equipment at the Tin Can Island Port Complex.
Russo said the investment reflects the Grimaldi Group’s confidence in Nigeria’s potential as the region’s leading maritime and logistics gateway. According to him, the project will improve cargo handling, strengthen operational efficiency, and enhance service delivery.
A key aspect of the expansion is the ability to accommodate larger container and roll-on/roll-off vessels, including some of the biggest container roll-on/roll-off ships currently operating globally. Russo noted that the upgrade will ensure Nigeria remains competitive as international shipping increasingly relies on larger and more efficient vessels.
He added that the project aligns with the Federal Government’s push for greater private-sector participation in port development and is expected to increase trade volumes, create jobs, boost cargo throughput, and generate additional revenue through expanded port activities.
Welcoming the development, Adegboyega Oyetola described the investment as a strong vote of confidence in ongoing reforms within Nigeria’s maritime sector. He reaffirmed the Federal Government’s commitment to creating an enabling environment for investors and transforming Nigerian ports into preferred hubs for shipping, logistics, and maritime services across West and Central Africa.
The minister said current efforts to improve port efficiency include infrastructure upgrades, port modernisation programmes, increased digitalisation, stronger collaboration with private operators, and measures aimed at reducing operational bottlenecks and improving the ease of doing business.
With the planned $50 million expansion, PTML is positioning Lagos for the next phase of global maritime trade while reinforcing Nigeria’s growing role as a strategic gateway for commerce across the region.
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