Port and Terminal Multiservices Ltd. plans to invest $50 million to expand its terminal in Lagos.

The investment will increase berthing capacity and fund the acquisition of new cargo-handling equipment at the company’s terminal within the Tin Can Island Port complex, said Ascanio Russo, managing director during a meeting with Adegboyega Oyetola, minister of Marine and Blue Economy in Abuja on Tuesday.

The expansion is designed to allow the terminal to receive a new generation of larger container roll-on roll-off vessels directly in Lagos, including some of the biggest ships operating in the segment globally, Russo said.

“The maritime industry is evolving rapidly, with larger and more efficient vessels becoming the standard for international trade,” Russo said. “Through this expansion, PTML will be fully equipped to accommodate these next-generation Con-Ro vessels.”

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PTML is part of Italy’s Grimaldi Group, one of the world’s largest operators of roll-on roll-off shipping services. The company said the investment would strengthen cargo-handling capacity, improve operational efficiency and support growing trade volumes through Nigerian ports.

The announcement comes as the Nigerian government seeks to attract private capital into port infrastructure and improve the competitiveness of its maritime sector amid growing competition from ports in neighbouring countries, including Togo and Ghana.

Nigeria has been pursuing a series of reforms aimed at reducing port congestion, digitalising procedures and improving cargo clearance times as it seeks to capture a greater share of regional shipping and logistics activity.

Oyetola said the planned investment reflected investor confidence in the government’s maritime reform agenda and broader efforts to modernise the country’s ports.

The project is expected to increase cargo throughput and create jobs during construction and operation, according to PTML.

Bethel Olujobi reports on trade and maritime business for BusinessDay with prior experience reporting on migration, labour, and tech. He holds a Bachelor's degree in Mass Communication from the University of Jos, and is certified by the FT, Reuters and Google. Drawing from his experience working with other respected news providers, he presents a nuanced and informed perspective on the complexities of critical matters. He is based in Lagos, Nigeria and occasionally commutes to Abuja.

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