Snake Island Port secures 45-year concession deal

Nigerdock has signed a 45-year concession agreement with the Nigerian Ports Authority (NPA) for the development of Snake Island Port, with an option for extension beyond the initial term.

This development comes amid concerns raised by other terminal operators over the delay by the Federal Government in renewing their contracts.

The 45-year agreement marks a significant step in establishing the 85-hectare, multipurpose port facility located within the Snake Island Integrated Free Zone.

The project, approved by the Federal Executive Council (FEC) in 2023, is expected to enhance Nigeria’s infrastructure and strengthen its position in global trade.

The Chairman/ Chief Executive Officer of Nigerdock, Maher Jarmakani, stated that the port project, which is a collaboration between the Federal Government and Nigerdock, will bring in an estimated $1 billion in foreign direct investment and further enhance Nigeria’s position in international trade.

He said the organisation has taken proactive steps to ensure appropriate regulatory compliance following the government’s approval of Snake Island Port.

According to him, this concession agreement firmly positions Snake Island Port within the Lagos port ecosystem.

He said the port comprises three terminals designed to handle various cargo operations and promises to significantly enhance port capacity and regional competitiveness.

Jarmakani said by working closely with the NPA, the Ministry of Marine and Blue Economy, and other key stakeholders, the organisation will spur growth in the maritime industry and unlock new opportunities in Nigeria’s blue economy,

The Managing Director of the NPA, Dr Abubakar Dantsoho, lauded the agreement as a critical investment in Nigeria’s maritime future.

Dantsoho said this agreement reflects the government’s desire to scale Nigeria’s regional competitiveness with other global players in the sector.

He said by promoting openness, transparency and capacity building, the NPA is working with private sector leaders like Nigerdock to unlock value and expand the country’s port capabilities.

Dantsoho added that this collaboration between the NPA and Nigerdock is set to boost Nigeria’s maritime and blue economy, foster innovation, create jobs, and attract significant foreign investment to the sector.