Port expansion project moves forward
Snake Island Integrated Free Zone to consist of three terminals
NIGERIA: Nigerdock has concluded an agreement to commence with the expansion of Snake Island Port, multipurpose port facility comprising of three terminals located within Snake Island Integrated Free Zone.
The approval for the project was granted in 2023 by the Federal Executive Council (FEC), which has oversight on the implementation of major infrastructure projects across the country. The concession is for a period of 45 years with an optional extension.
Nigerdock was awarded Free Zone and Port Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone. The NPA and the Nigeria Customs Service also approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.
“Snake Island Port is a landmark collaboration between the Federal Government of Nigeria and Nigerdock, which will bring in an estimated $1 billion in foreign direct investment,” said Nigerdock Chairman and CEO, Maher Jarmakani.
“We have taken proactive steps to ensure appropriate regulatory compliance following the Government’s approval of Snake Island Port. This agreement firmly positions Snake Island Port within the Lagos Port ecosystem, and by working closely with the NPA, the Ministry of Marine and Blue Economy, and other key stakeholders, we will spur growth in the maritime industry and unlock new opportunities in Nigeria’s blue economy,” he added.
“We are always looking for opportunities to invest and expand our country’s ports’ capacity. This agreement indicates the government’s desire to scale our regional competitiveness with other global players in the sector,” said Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho at the signing of the agreement that will see work begin on the 85 hectare development.
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