Ascanio Russo, the Managing Director of Port and Terminal Multiservices Limited (PTML), has announced a new $50 million investment to boost the facility’s capabilities. This initiative aims to refine operational speed and support Nigeria’s goal of establishing itself as the primary maritime center in West and Central Africa.
Russo presented these plans while meeting with Dr. Adegboyega Oyetola, the Minister of Marine and Blue Economy, in Abuja. Bolaji Akinola, an advisor to the Minister, stated that the funding from this Grimaldi Group subsidiary will enhance berthing space and provide advanced machinery for the Tin Can Island Port Complex in Lagos.
According to Russo, the Grimaldi Group maintains a strong faith in Nigeria’s capacity to lead the region’s shipping and logistics sector. The capital infusion will modernize equipment and improve overall cargo handling to ensure future competitiveness. Minister Oyetola praised the commitment, viewing the move as a validation of the current government’s maritime sector reforms. He added that the administration is focused on fostering a productive climate for private investment to make Nigerian ports the premier choice for regional trade.