Nigerdock and NPA Sign $1 Billion Agreement for Snake Island Port Development
In a significant move to bolster Nigeria’s maritime infrastructure, Nigerdock has partnered with the Nigerian Ports Authority (NPA) to finalize a $1 billion agreement for the development of the Snake Island Port. The new port facility is set to be constructed on an 85-hectare site located within the Snake Island Integrated Free Zone and will consist of three multipurpose terminals.
This project marks a critical milestone for Nigeria, following the government’s push for nationwide development initiated in 2002. The concession agreement for the port will extend for 45 years, with an option for renewal.
Maher Jarmakani, Chairman of Nigerdock, hailed the port as a transformative collaboration between the Nigerian Federal Government and Nigerdock. He stated, “Snake Island Port is a transformative initiative that aims to attract approximately $1 billion in foreign direct investment and enhance Nigeria’s positioning in international trade. After receiving government approval, we have taken steps to ensure that Snake Island Port aligns with the Lagos Port ecosystem’s regulatory framework. By collaborating closely with the NPA, the Ministry of Marine and Blue Economy, and other stakeholders, this project will propel the growth of the maritime industry and unlock new potentials within Nigeria’s blue economy.”
During the ceremonial signing, Dr. Abubakar Dantsoho, Managing Director of the NPA, reiterated the agency’s commitment to expanding Nigeria’s port capacities. He remarked, “This agreement is a testament to the government’s ambition to improve regional competitiveness in the global maritime sector. By fostering policies that emphasize openness, transparency, and capacity building, the NPA is actively collaborating with private sector entities like Nigerdock to realize investments that deliver substantial value.”
Nigerdock received Free Zone and Port Status from the Presidency in 2005, paving the way for the establishment of the Snake Island Integrated Free Zone. Furthermore, in 2017 the NPA, alongside the Nigeria Customs Service, sanctioned direct shipping to the facility, which was followed by authorization for cargo handling operations in 2021.
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