PTML plans $50m upgrade of Tin Can Island terminal

Port and Terminal Multiservices Limited has announced a proposed $50m investment to expand berthing capacity and acquire new equipment at the Tin Can Island Port Complex in Lagos, as part of plans to position Nigeria as the leading maritime hub in West and Central Africa.

The Managing Director of PTML, Ascanio Russo, disclosed the plan on Tuesday during a visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja.

Russo, whose company is a member of the Grimaldi Group, said the investment was designed to ready the terminal for the next generation of container and roll-on/roll-off vessels, including the largest Con-Ro ships currently operating globally.

“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,” he said.

“This proposed investment of $50m 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 capability, and service delivery,” Russo added.

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He said the project was a direct response to the Federal Government’s call for greater private sector participation in port modernisation, and noted that it would generate employment during both the construction and operational phases while boosting government revenue through increased port activity.

Responding, Oyetola described the announcement as a vote of confidence in the government’s ongoing maritime reforms.

“This investment is a clear demonstration that our reforms are yielding positive results and that international investors recognise the immense opportunities within Nigeria’s maritime sector,” he said.

The minister said the government was actively working to reduce operational bottlenecks, improve digitalisation of port processes, and strengthen the ease of doing business at Nigerian ports.