Snake Island Port secures 45-year concession deal with NPA
Sopuruchi Onwuka
Maritime infrastructure development company, Nigerdock, has struck a landmark concession deal with the Nigerian Ports Authority (NPA) within Snake Island Integrated Free Zone (SIIFZ).
The concession is for a period of 45 years
with an optional extension.
The Oracle Today reports that Nigerdock is a leading Nigerian maritime and logistics company operating an integrated port and free zone in
Lagos.
The company provides clients with terminal operations, logistics, marine services, and free zone solutions.
With the 45 year concession agreement, Nigerdock is now authorized to begin development of Snake Island Port.
According to a statement from the company, the Port development project entails an 85-hectare multipurpose facility
comprising three terminals within the SIIFZ.
There would also be a separate Customs command post in the SIIFZ for ease of operations by entities that would locate their businesses in the new Snake Island Port.
Snake Island Integrated Free Zone (SIIFZ) is an economic development area strategically located in the main
harbour of Lagos, Nigeria.
It offers an integrated platform for logistics, trading, and manufacturing companies to establish operations in Nigeria with a low cost of entry, while benefitting from available seaport, land, and power infrastructure to handle international and regional operations.
The approval for the project was granted in 2023 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: “Snake Island Port is a landmark collaboration between the
Federal Government of Nigeria and Nigerdock, which will bring in an estimated $1 billion in foreign direct
investment and further enhance Nigeria’s position in international trade.
“We have taken proactive steps to ensure appropriate regulatory compliance following the Government’s approval of Snake Island Port.
“This agreement
firmly positions Snake Island Port within the Lagos Port ecosystem, and by working closely with the NPA, the
Ministry of Marine and Blue Economy, and other key stakeholders, we will spur growth in the maritime industry
and unlock new opportunities in Nigeria’s blue economy.”
Also commenting on the signing, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho,
said: “We are always looking for opportunities to invest and expand our country’s ports’ capacity. This agreement
indicates the government’s desire to scale our regional competitiveness with other global players in the sector.
“By promoting a policy of openness, transparency, and capacity building, the NPA is working together with key private sector players, such as Nigerdock, to derive value on investments.”
It would be recalled that Nigerdock was awarded Free Zone and Port Status by the Presidency in 2005, leading to the establishment of
Snake Island Integrated Free Zone.
The NPA and the Nigeria Customs Service also approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.
