The Federal Government has welcomed Port and Terminal Multiservices Limited’s (PTML) proposed $50 million investment to expand its port facilities, describing the move as a strong vote of confidence in ongoing reforms aimed at transforming Nigeria’s maritime sector.
Minister of Marine and Blue Economy, Adegboyega Oyetola, made the remark while hosting PTML Managing Director, Ascanio Russo, in Abuja. He reaffirmed the Federal Government’s commitment to creating an enabling environment for private investment and positioning Nigerian ports as the preferred hub for shipping, logistics and maritime services across West and Central Africa.
According to a statement by the Minister’s Special Adviser, Bolaji Akinola, the government is implementing measures to improve port efficiency, reduce operational bottlenecks, upgrade infrastructure and strengthen the ease of doing business at the nation’s ports.
Unveiling the investment plan, Russo said the $50 million funding would be used to expand PTML’s berthing capacity and acquire additional state-of-the-art equipment at the Tin Can Island Port Complex in Lagos.
He noted that the expansion would strengthen port infrastructure, improve operational efficiency, facilitate trade, increase cargo throughput, create jobs during construction and operations, and boost government revenue through enhanced port activities.
