Nigerdock has entered into a 45-year agreement with the Nigerian Ports Authority for the development of Snake Island Port.

The firm disclosed that in a statement over the weekend, explaining that the approval for the project was granted in 2023 by the Federal Executive Council.

It added that the concession was for 45 years with an optional extension.

Snake Island Port is an 85-hectare, multipurpose port facility comprising three terminals located within Snake Island Integrated Free Zone.

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 added that the Nigerdock had taken proactive steps to ensure appropriate regulatory compliance following the government’s approval of Snake Island Port.

According to Jarmakani, the agreement firmly positions Snake Island Port within the Lagos Port ecosystem.

“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,” he mentioned.

Commenting on the signing, 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 added that the agreement indicated the government’s desire to scale regional competitiveness with other global players in the sector.

Dantsoho stressed that by promoting a policy of openness, transparency, and capacity building, the NPA was working with key private sector players, such as Nigerdock, to derive value on investments.

Nigerdock was awarded Free Zone and Port Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone.

The NPA and the Nigeria Customs Service also approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.