Nigerdock has signed a 45-year agreement with the Nigerian Ports Authority for the development of the Snake Island Port.
The company announced the deal in a statement over the weekend, noting that the Federal Executive Council granted approval for the project in 2023.
The concession is set for 45 years, with an option for extension.
The Chairman and Chief Executive Officer of Nigerdock, Maher Jarmakani, said, “Snake Island Port is a landmark collaboration between the Federal Government of Nigeria and Nigerdock, which will bring in an estimated $1bn in foreign direct investment and further enhance Nigeria’s position in international trade.”
He further stated that Nigerdock has taken proactive measures to ensure regulatory compliance following the government’s approval of the Snake Island Port.
According to Jarmakani, the agreement firmly establishes Snake Island Port as an integral part of the Lagos Port ecosystem.
Snake Island Port is an 85-hectare, multipurpose port facility that includes three terminals. It is situated within the Snake Island Integrated Free Zone.
“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,” Jarmakani said.
Meanwhile, the Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho, said, “We are always looking for opportunities to invest and expand our country’s ports’ capacity.”
He noted that the agreement demonstrates the government’s commitment to boosting regional competitiveness and aligning with global industry leaders.
Dantsoho emphasized that by promoting openness, transparency, and capacity building, the NPA is partnering with key private sector players, including Nigerdock, to maximize investment value.
Nigerdock was granted Free Zone and Port Status by the Presidency in 2005, paving the way for the creation of the Snake Island Integrated Free Zone.
