NPA, Nigerdock finalize $1bn Snake Island Port agreement

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starmich1 week ago

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NPA, Nigerdock finalize bn Snake Island Port agreement

IN a bid to advance green port development across Nigeria, Nigerdock and the Nigerian Ports Authority (NPA) have finalized an agreement for the $1 billion development of Snake Island Port.

The new facility will be built on an 85-hectare site within the Snake Island Integrated Free Zone and will feature a multipurpose port with three terminals.

Recall that in 2023, the Federal Executive Council (FEC) approved the project, which aims to drive major infrastructure development nationwide. The concession for the port is set for 45 years, with an option for extension.

Nigerdock Chairman, Maher Jarmakani, described the port as a groundbreaking collaboration between the Federal Government of Nigeria and Nigerdock.

He said: “Snake Island Port is a landmark project that will attract an estimated $1 billion in foreign direct investment and strengthen Nigeria’s role in international trade. Following government approval, we have ensured regulatory compliance to align Snake Island Port within the Lagos Port ecosystem. By working closely with the NPA, the Ministry of Marine and Blue Economy, and other stakeholders, this project will stimulate maritime industry growth and unlock new opportunities in Nigeria’s blue economy.”

Speaking at the signing ceremony, NPA’s Managing Director, Dr. Abubakar Dantsoho, expressed the agency’s commitment to expanding the nation’s port capacity.

He stated: “This agreement reflects the government’s ambition to enhance regional competitiveness in the global maritime sector. Through policies promoting openness, transparency, and capacity building, the NPA is partnering with private sector players like Nigerdock to deliver value-driven investments.”Nigerdock was granted Free Zone and Port Status by the Presidency in 2005, which led to the establishment of the Snake Island Integrated Free Zone. In 2017, the NPA and the Nigeria Customs Service approved direct shipping for the facility, and in 2021, the NPA authorized cargo handling operations.