PTML unveils $50m port
expansion plan, Minister reaffirms maritime hub vision
Lagos, June 24, 2026, Port and Terminal Multiservices Ltd., (PTML) has said its proposed a $50 million investment to expand its terminal, Managing Director Ascanio Russo, said Tuesday in Abuja.
Russo disclosed the planned investment during a visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola, according to a statement issued Wednesday in Lagos.
The Special Adviser to the Minister, Dr Bolaji Akinola, said in a statement made available to media on Wednesday.
confirmed the development, noting that the investment targets infrastructure upgrade, efficiency boost, and trade facilitation.
Russo said the investment would support Nigeria’s ambition of becoming the leading maritime hub in West and Central Africa through expanded capacity.
He stated that PTML, a member of Grimaldi Group, would expand berthing capacity and acquire additional state-of-the-art port equipment at Tin Can Island.
“The Grimaldi Group remains deeply committed to Nigeria and firmly believes in the country’s potential as the leading maritime and logistics gateway,” Russo said.
“This proposed investment of $50 million is designed to position PTML for the future by expanding our berthing capacity and deploying modern equipment,” he added.
He explained that expanded facilities would enable PTML to receive next-generation Container/Roll-on Roll-off (Con-Ro) vessels, including the largest Con-Ro ships operating globally.
Russo noted that the maritime industry is evolving rapidly, with larger and more efficient vessels becoming the standard for international trade and logistics.
He said through this expansion, PTML would be fully equipped to accommodate next-generation Con-Ro vessels, ensuring Nigeria remains competitive and attractive globally.
The PTML boss described the project as a direct response to Federal Government’s call for increased private-sector participation in port infrastructure modernisation.
He highlighted expected economic benefits, including facilitated trade, increased cargo throughput, employment opportunities during construction and operational phases, and higher government revenue generation.
Responding, Oyetola welcomed the proposed investment, describing it as a strong vote of confidence in ongoing Federal Government reforms transforming the maritime sector.
The minister reiterated government’s commitment to creating an enabling environment for private investment, ensuring Nigerian ports become preferred hubs for shipping and logistics.
Oyetola said the Federal Government was implementing measures to improve port efficiency, reduce bottlenecks, enhance infrastructure, and strengthen ease of doing business nationwide.