Lagos, Nigeria — June 24, 2026 — Port and Terminal Multiservices Limited (PTML) has unveiled plans to invest $50 million in expanding its terminal at Tin Can Island Port, a move aimed at boosting capacity, improving efficiency, and strengthening Nigeria’s position as a maritime hub in West and Central Africa.
The Managing Director of PTML, Mr. Ascanio Russo, disclosed the proposed investment during a visit to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, in Abuja.
According to Russo, the investment—backed by the Grimaldi Group—will focus on expanding berthing facilities and acquiring modern port equipment to enhance cargo handling and service delivery.
“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 $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.”
He explained that the expansion would enable the terminal to receive next-generation Container/Roll-on Roll-off (Con-Ro) vessels, including some of the largest ships currently in global operation.
“The maritime industry is evolving rapidly… Through this expansion, PTML will be fully equipped to accommodate these next-generation vessels, ensuring Nigeria remains competitive,” Russo added.
He noted that the project aligns with the Federal Government’s push for increased private-sector participation in modernising port infrastructure and is expected to drive trade, increase cargo throughput, create jobs, and boost government revenue.
In his response, Minister Oyetola welcomed the development, describing it as a strong endorsement of ongoing reforms in the maritime sector.
“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.
Oyetola reiterated the government’s commitment to improving port efficiency, reducing bottlenecks, and enhancing infrastructure to position Nigeria as a preferred hub for shipping and logistics.
He added that ongoing efforts include port modernisation, digitalisation of processes, and policies aimed at improving ease of doing business across the nation’s ports.
The proposed expansion is expected to further strengthen Nigeria’s competitiveness in regional maritime trade as global shipping trends shift toward larger and more efficient vessels.
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