Nigerdock has finalized an agreement with the Nigerian Ports Authority (NPA) to kickstart and expand Snake Island Port, an 85-hectare multipurpose port facility with three terminals situated within Snake Island Integrated Free Zone. The project received approval in 2023 from the Federal Executive Council (FEC), responsible for overseeing major infrastructure projects in the country. The concession spans 45 years with a potential extension, marking a significant collaboration between the Nigerian government and Nigerdock.
Maher Jarmakani, Chairman and CEO of Nigerdock, emphasized the importance of Snake Island Port in boosting Nigeria’s international trade position and attracting approximately $1 billion in foreign direct investment. The agreement ensures regulatory compliance and firmly integrates Snake Island Port into the Lagos Port ecosystem. By partnering with the NPA, Ministry of Marine and Blue Economy, and other stakeholders, Nigerdock aims to drive growth in the maritime industry and unlock opportunities in Nigeria’s blue economy.
Dr. Abubakar Dantsoho, Managing Director of the NPA, highlighted the government’s commitment to enhancing the country’s port capacity and competitiveness on a global scale. The agreement signifies a strategic move towards collaboration with private sector entities like Nigerdock to maximize returns on investments. Nigerdock was granted Free Zone and Port Status in 2005, leading to the establishment of Snake Island Integrated Free Zone. The NPA and Nigeria Customs Service approved direct shipping for the facility in 2017, with cargo handling operations commencing in 2021.
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