FG WELCOMES $50 MILLION PORT EXPANSION INVESTMENT TO BOOST MARITIME SECTOR
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has welcomed the proposed 50 million dollars 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 being implemented by the Federal Government in the maritime sector.
Oyetola disclosed this while hosting the Managing Director of PTML, Ascanio Russo, in Abuja. He reiterated the Federal Government’s commitment to creating an enabling environment for private investment and ensuring that Nigerian ports become the preferred hub for shipping, logistics and maritime services across West and Central Africa.
According to a statement issued by the Minister’s Special Adviser, Bolaji Akinola, the Federal Government is 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.
Russo, while unveiling the investment plan, said the fresh funding would 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 would 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.
