PTML to Invest $50M in Lagos Port Capacity Upgrade

PTML, managed by Ascanio Russo and a member of the Grimaldi Group, announced a $50 million investment to upgrade the Lagos port terminal's capacity. This investment was disclosed during a visit to Abuja by Adegboyega Oyetola, the Minister of Marine and Blue Economy.

The upgrade will involve expanding the terminal's berth capacity and acquiring state-of-the-art port equipment at the Tin Island Port Complex in Lagos. Russo emphasized the Grimaldi Group's commitment to Nigeria, believing in the country's potential as a leading maritime logistics gateway in West and Central Africa.

The investment is designed to accommodate next-generation container roll-on/roll-off vessels, ensuring Nigeria remains competitive in attracting global shipping lines. Oyetola welcomed the investment, viewing it as a strong vote of confidence in ongoing reforms in the maritime sector.

He reiterated the federal government's commitment to creating an enabling environment for private investment, aiming to transform Nigerian ports into preferred hubs for maritime services across the region.