Port and Terminal Multiservices Limited (PTML) has unveiled a $50 million expansion plan for its terminal at the Tin Can Island Port Complex, Lagos, as it seeks to increase capacity, improve efficiency and support Nigeria’s ambition of becoming a leading maritime hub in West and Central Africa.
The investment plan was announced on Tuesday, June 23, 2026, during a visit by PTML Managing Director, Ascanio Russo, to the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja. Details of the project were released in a statement on Wednesday, June 24, 2026.
The project includes the expansion of berthing facilities and the acquisition of additional cargo-handling equipment to enhance terminal operations and accommodate growing trade volumes.
Russo said the investment underscores the Grimaldi Group’s confidence in Nigeria’s maritime sector and economic potential.
He said the upgraded facilities would enable PTML to handle larger container and roll-on/roll-off vessels, including next-generation Con-Ro ships, while improving cargo throughput and service delivery.
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According to him, the expansion is designed to keep pace with changes in global shipping, where larger vessels are increasingly dominating international trade routes.
Russo added that the project aligns with the Federal Government’s push for greater private-sector participation in port infrastructure development and is expected to stimulate trade, create jobs and increase revenue from port activities.
Welcoming the initiative, Oyetola described the investment as a clear sign of growing investor confidence in the government’s maritime reforms.
He reaffirmed the Federal Government’s commitment to modernizing port infrastructure, improving operational efficiency and creating an enabling environment for investment.
Oyetola said the PTML expansion would strengthen Nigeria’s competitiveness and advance efforts to position the country as the preferred maritime and logistics hub in West and Central Africa.