The Federal Government of Nigeria, through the Nigerian Ports Authority (NPA), has signed a 45-year concession agreement with Nigerdock for the develo
The Federal Government of Nigeria, through the Nigerian Ports Authority (NPA), has signed a 45-year concession agreement with Nigerdock for the development and operation of Snake Island Port. This multipurpose port facility, located on 85 hectares within the Snake Island Integrated Free Zone, is expected to attract approximately $1 billion in foreign direct investment (FDI).
Approved by the Federal Executive Council (FEC) in 2023, the project aims to bolster Nigeria’s position in international trade and enhance the maritime sector. The port comprises three terminals and is positioned to integrate into Lagos’ port ecosystem.
Economy boost
Maher Jarmakani, Chairman and CEO of Nigerdock: Emphasized the project’s transformative potential for Nigeria’s maritime and blue economy, highlighting compliance with regulatory frameworks and collaborative efforts with the NPA and the Ministry of Marine and Blue Economy.
Dr. Abubakar Dantsoho, Managing Director of the NPA: Underlined the government’s commitment to enhancing port capacity, regional competitiveness, and fostering public-private partnerships to optimize infrastructure investments.
Nigerdock received free zone and port status in 2005, enabling the establishment of Snake Island Integrated Free Zone. The facility gained approvals for direct shipping and cargo handling operations in 2017 and 2021, respectively. The project aligns with Nigeria’s broader objectives to improve trade infrastructure and stimulate economic growth through strategic investments in the maritime sector.
“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,” said Nigerdock Chairman and CEO, Maher Jarmakani.