In a significant move to advance green port development across Nigeria, Nigerdock and the Nigerian Ports Authority (NPA) have finalized an agreement for the US$1 billion construction of Snake Island Port.
The state-of-the-art facility will be established on an 850,000 square meters site within the Snake Island Integrated Free Zone in Lagos, featuring a multipurpose port comprising three terminals.
The port’s concession is set for a 45-year term, with the possibility of extension. Speaking at the signing ceremony, NPA Managing Director Dr. Abubakar Dantsoho emphasized the agency’s dedication to enhancing the nation’s port capacity.
He stated: “This agreement reflects the government’s ambition to enhance regional competitiveness in the global maritime sector. Through policies promoting openness, transparency, and capacity building, the NPA is partnering with private sector players like Nigerdock to deliver value-driven investments.”
According to a statement, Nigerdock was granted Free Zone and Port Status by the Presidency in 2005, which led to the establishment of the Snake Island Integrated Free Zone. In 2017, the NPA and the Nigeria Customs Service approved direct shipping for the facility, and in 2021, the NPA authorized cargo handling operations.
Nigerdock Chairman Maher Jarmakani described the project as a pioneering partnership between the Federal Government of Nigeria and Nigerdock, marking a milestone in the country’s maritime development.
Maher Jarmakani commented: “Snake Island Port is a landmark project that will attract an estimated US$1 billion in foreign direct investment and strengthen Nigeria’s role in international trade. Following government approval, we have ensured regulatory compliance to align Snake Island Port within the Lagos Port ecosystem. By working closely with the NPA, the Ministry of Marine and Blue Economy, and other stakeholders, this project will stimulate maritime industry growth and unlock new opportunities in Nigeria’s blue economy.”
