Nigerdock Finalizes $1 Billion Snake Island Port Agreement

Nigerdock and the Nigerian Ports Authority (NPA) have agreed to develop Snake Island Port for $1 billion to promote green port development in Nigeria.Nigerdock Finalizes $1 Billion Snake Island Port Agreement

A multipurpose port with three terminals will be built on 85 hectares in the Snake Island Integrated Free Zone.

Remember that the Federal Executive Council (FEC) approved the project in 2023 to spur national infrastructure development. Port concessions last 45 years with an option to extend.

Maher Jarmakani, Nigerdock Chairman, called the port a groundbreaking Federal Government of Nigeria-Nigerdock collaboration.

He said: “Snake Island Port is a landmark project that will attract $1 billion in foreign direct investment and boost Nigeria’s international trade. We maintained regulatory compliance to integrate Snake Island Port into Lagos Port after government approval. This project will boost maritime industry growth and open new blue economy opportunities in Nigeria by collaborating with the NPA, the Ministry of Marine and Blue Economy, and other stakeholders.

Dr. Abubakar Dantsoho, NPA’s Managing Director, pledged to expand port capacity at the signing ceremony.

He said: “This agreement shows the government’s desire to boost regional maritime competitiveness. The NPA works with private sector players like Nigerdock to make value-driven investments through openness, transparency, and capacity building.Nigerdock received Free Zone and Port Status from the Presidency in 2005, creating the Snake Island Integrated Free Zone. In 2017, the NPA and Nigeria Customs Service approved direct shipping for the facility, and in 2021, cargo handling.