The Nigerian Federal Government, through the Nigerian Ports Authority (NPA), has entered into a 45-year concession agreement with Snake Island Seaport. This agreement is intended for the development and operation of the port, marking a significant step in enhancing Nigeria’s maritime infrastructure.
Snake Island Port is strategically located on an 85-hectare site and serves as a multipurpose facility. It comprises three terminals situated within the Snake Island Integrated Free Zone, designed to accommodate various maritime activities and enhance trade efficiency.
The project is expected to attract substantial foreign direct investment, estimated at around $1 billion. This investment is anticipated to bolster economic growth and create new opportunities within the region, ultimately benefiting the local economy.
In 2023, the Federal Executive Council (FEC) approved the project, which oversees major infrastructure initiatives across Nigeria. The concession agreement spans a period of 45 years, with the possibility of extending the term to ensure long-term operational viability.
Maher Jarmakani, the Chairman and CEO of Nigerdock, emphasized the importance of this partnership, stating that Snake Island Port represents a landmark collaboration between the Federal Government and Nigerdock. He highlighted that the project is expected to significantly contribute to Nigeria’s position in international trade.
Jarmakani also noted that proactive measures have been taken to ensure regulatory compliance following the government’s approval of the port. The agreement aims to integrate Snake Island Port into the Lagos Port ecosystem, fostering collaboration with key stakeholders.
Dr. Abubakar Dantsoho, Managing Director of the NPA, commented on the significance of the signing, expressing the agency’s ongoing commitment to investing in and expanding Nigeria’s port capacity. He indicated that this agreement reflects the government’s desire to enhance regional competitiveness in the global market.
The NPA is dedicated to promoting transparency and capacity building, working alongside private sector partners like Nigerdock to maximize the value of investments in the maritime sector. This collaboration is seen as vital for driving growth and development in Nigeria’s blue economy.
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Nigerdock was granted Free Zone and Port Status by the Presidency in 2005, which facilitated the establishment of the Snake Island Integrated Free Zone. This status has enabled the port to operate more efficiently and attract investment.
Additionally, the NPA and the Nigeria Customs Service approved direct shipping for the facility in 2017, followed by the green-lighting of cargo handling operations in 2021. These developments underscore the government’s commitment to enhancing the operational capabilities of Snake Island Port.
