By Abbas Nazil
The Nigerian Ports Authority (NPA) has granted approval to Nigerdock for the development of Snake Island Port in Lagos under an initial 45-year concession agreement.
This milestone sets the stage for the construction of a multipurpose facility encompassing three terminals within the Snake Island Integrated Free Zone spanning 85 hectares area.
The approval for development of the Snake Island was initially granted by the Federal Executive Council (FEC) in 2023.
Maher Jarmakani, the chairman and CEO of Nigerdock, hailed the project as a landmark public-private partnership between the Federal Government of Nigeria and Nigerdock.
He highlighted the project’s potential to attract $1 billion in foreign direct investment (FDI) and enhance Nigeria’s competitive edge in international trade.
“We have taken proactive steps to ensure regulatory compliance following the government’s approval of Snake Island Port,” Jarmakani said, adding that “this agreement integrates Snake Island Port into the Lagos Port ecosystem”.
He said by collaborating with the NPA, the Ministry of Marine and Blue Economy, and other stakeholders, “Nigerdock aims to drive growth in the maritime sector and unlock new opportunities in Nigeria’s burgeoning blue economy.”
Speaking at the agreement signing ceremony, NPA Managing Director, Abubakar Dantsoho, reaffirmed the Authority’s commitment to expanding Nigeria’s port infrastructure.
“This agreement reflects the government’s determination to enhance our regional competitiveness against global players in the maritime sector. By promoting policies centred on openness, transparency, and capacity building, the NPA is leveraging private sector expertise to maximize investment returns,” Dantsoho stated.
Nigerdock’s journey toward this milestone began in 2005 when the company was awarded Free Zone and Port Status by the Nigerian government. This development paved the way for the establishment of the Snake Island Integrated Free Zone, laying the foundation for the ambitious Snake Island Port project.
The initiative is expected to significantly enhance Nigeria’s maritime landscape, create jobs, and further solidify the country’s position as a key player in the global maritime industry.