The Mediterranean Shipping Company (MSC) and Nigerdock have signed a 45-year sub-concession agreement to develop, operate, and maintain an exclusive container terminal at Snake Island Port (SIP) in Lagos.

The new container terminal, scheduled for completion by 2028, will feature a 910-meter quay, six Ship-to-Shore (STS) cranes, two ship berths, three barge berths, and a draft of up to 18 meters.

The Chief Executive Officer of Nigerdock, Maher Jarmakani, said the partnership with MSC would attract significant foreign direct investment (FDI) into Nigeria and accelerate growth in the maritime and logistics industry.

“We are thrilled to take this step forward in our partnership with MSC to develop a world-class container terminal at Snake Island Port. This gives the world’s leading shipping line a home in Nigeria and brings significant FDI to accelerate growth in the maritime and logistics sector,” Jarmakani said.

Also speaking, MSC President Diego Aponte highlighted that the new terminal would open up opportunities, enhance operational efficiency, and position Snake Island Port as a major global shipping hub.

“Completing this key phase in the development of Snake Island Container Terminal with Nigerdock and our trusted partners demonstrates MSC Group’s commitment to providing excellent service to our customers in Nigeria and across Africa.

“The new terminal will open up opportunities, enhance efficiency, and elevate Snake Island Port as a major global shipping centre. Together with our Group’s other long-term investments in Nigeria, it will generate local jobs and significantly increase economic revenue and resilience,” Aponte added.