PTML Announces $50M Expansion for Port Capacity Boost

PTML, under the management of Ascanio Russo, has announced a plan to invest $50 million (approximately N8.5 billion) to expand its terminal facilities at the Tin Can Island Port Complex in Lagos. This investment will focus on enhancing PTML's berth facilities, acquiring modern cargo handling equipment, and improving operational efficiency to increase cargo throughput and service delivery.

The expansion will enable PTML to accommodate larger advanced roll-on/roll-off (con ro) vessels, including the largest con ro ships currently operating in international trade. Russo noted that this investment reflects confidence in PTML and its parent company, Grimaldi Group, as well as Nigeria's economic potential.

The plan aligns with the federal government's drive to encourage greater private sector participation in port development. Dr.

Adegboyega Oyetola, Minister of Marine and Blue Economy, welcomed the investment, emphasizing the government's commitment to creating an enabling environment for investors and improving the efficiency of Nigeria's maritime sector.