By Obiabin Onukwugha
Minister of Marine and Blue Economy, Adegboyega Oyetola, has hailed the proposed $50million port expansion investment plan by Port and Terminal Multiservices Limited (PTML), describing it as a strong vote of confidence in the ongoing reforms and transformation efforts by the Federal Government in the maritime sector.
A statement issued by the Minister’s Special Adviser, Bolaji Akinola, on Wednesday, indicated that Oyetola made the submissions when he hosted the Managing Director of PTML, Ascanio Russo, in Abuja.
He reiterated the Federal Government’s commitment to creating an enabling environment for private investment.
The Minister pointed out that the federal government is committed to ensuring that Nigerian ports become the preferred hub for shipping, logistics and maritime services across West and Central Africa.
He also emphasised that the Federal Government was actively implementing measures aimed at improving port efficiency, reducing operational bottlenecks, enhancing infrastructure and strengthening the ease of doing business across the nation’s ports.
Unveiling the investment plan, PTML Managing Director, Ascanio Russo, revealed that the fresh funding will be used to expand the terminal’s berthing capacity and acquire additional state-of-the-art port equipment at the Tin Can Island Port Complex in Lagos.
He noted that the project is designed to strengthen port infrastructure and improve operational efficiency.
He added that “the investment will facilitate trade, increase cargo throughput, create employment opportunities during both the construction and operational phases, and contribute to higher government revenue through enhanced port activities.”
