Nigerdock to invest N700 bn in Snake Island Port
Sopuruchi Onwuka
Nigeria’s leading maritime and logistics company operating an integrated port and free zone in Lagos, Nigerdock, is working out detail of fresh investment that would transform the Snake Island into a robust quayside.
The new wharfs would provide additional leverage to the existing terminal operations, marine services, logistics, and free zone solutions already provided by Nigerdock in the concession atoll.
Chief Marketing Officer, Mr Kevin Johnson-Azuara, stated in a media release that the investment plan came after the company secured government’s approval for expansion of existing port facilities which are located within the Snake Island Integrated Free Zone (SIIFZ).
The Oracle Today reports that the Snake Island free zone is one of the most vibrant economic development areas strategically located in the main harbour of Lagos.
The free zone offers an integrated platform for logistics, trading, and manufacturing companies to establish operations in Nigeria with a low cost of entry. It also offers congenial business environment with full facilities while companies benefit from available seaport, land, and power infrastructure to handle international and regional operations.
According to Mr Johnson-Azuara, Nigerdock received government’s pproval for the expansion of Snake Island Port, an 85-hectare, multipurpose port facility comprising three terminals located within Snake Island Integrated Free Zone.
The approval, according to him, was granted last week by the Federal Executive Council (FEC), “which has oversight on the implementation of major infrastructure projects across the country.”
Chairman and CEO of Nigerdock, Maher Jarmakani, said: “We are immensely grateful for the support the Federal Government has shown to enable the expansion of our operations, which increases our value add to Nigeria’s economy and the actualisation of our long-term vision as a globally recognised maritime operator. This Public Private Partnership with the Government will also facilitate job creation and develop critical infrastructure vital for the nation’s growth.”
“In addition to its operations in ship repair, logistics, and free zone solutions, Nigerdock had already been in terminal operations following approval from the Nigerian Ports Authority (NPA) and Nigeria Customs Service (NCS).
“This new 45-year concession agreement for Snake Island Port with the Federal Government, now allows for an expanded operational scope and will attract about $1 billion in private investment,” the company stated.
Nigerdock was originally awarded Free Zone and Port Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone in the same year.
The NPA and Nigeria Customs Service also approved direct shipping for the facility in 2017. In 2021, the NPA further approved cargo handling operations for the company.
Thus, with the new approval for expansion, the SIIFZ would now become an integrated full facility haven for new and existing businesses wishing a secure, convenient, efficient and low cost environment for profitable operations in the country.
