Snake Island port concession will boost infrastructure devt, says Nigerdock
Chairman and Chief Executive Officer, Nigerdock, Maher Jarmakani, has said the license granted by the Federal Government for the development and expansion of Snake Island Port in Lagos will facilitate job creation and develop critical infrastructure vital for the nation’s economic growth.
The Federal Executive Council (FEC) had last week, approved $4.713 billion for the development of port projects in Lagos, Ondo and Delta states, which include Snake Island, Ondo Multi-Purpose Port and Burutu respectively.
The approval has oversight on the implementation of major infrastructure projects across the country. Jarmakani, said the approval is for Nigerdock to commence an expansion of Snake Island Port, an 85-hectare, multipurpose port facility comprising three terminals located within the Snake Island Integrated Free Zone.
He further appreciated the support the Federal Government has shown to enable the expansion of Nigerdock operations in the country, adding that the license increases their value addition to the economy and the actualisation of its long-term vision as a globally recognised maritime operator.
He said this new 45-year concession agreement for Snake Island Port with the Federal Government now allows for an expanded operational scope and will attract about $1 billion in private investment.
He further said this Public Private Partnership with the government would also facilitate job creation and develop critical infrastructure vital for the nation’s growth.
In addition to its operations in ship repair, logistics, and free zone solutions, Nigerdock had already been in terminal operations following approval from the Nigerian Ports Authority (NPA) and Nigeria Customs Service (NCS).
He said Nigerdock was originally awarded Free Zone and Port Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone in the same year.
According to him, NPA and NCS approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.