Snake Island Port to attract $1bn private investment

The recently approved Snake Island Port will attract about $1 billion in private investment and will be a significant milestone for the Nigerian maritime and shipping industry.

The chairman/CEO of Nigerdock, Maher Jarmakani, said the investment, which is to be executed through Public-Private Partnership (PPP) arrangement, is with a new 45-year concession agreement for Snake Island Port with the Federal Government that allows for an expanded operational scope and will attract about $1 billion in private investment.

Daily Trust recalled that Nigerdock was originally awarded Free Zone and Port Development Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone (SIIFZ) in the same year. The Nigerian Ports Authority (NPA) and Nigeria Customs Service also approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.

Jarmakani said the Snake Island Port, which  will sit on 85-hectare and will be a multipurpose port facility comprising three terminals located within Snake Island Integrated Free Zone, will boost job creations among others.

“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),” he said.

In a statement issued yesterday, the company said the PPP project, which has been in the works for some years, will see Snake Island Port immediately commence operations as an expansion to Nigerdock’s existing operations, while the shipyard and Free Zone remain core parts of the business. 

From Abiodun Alade & Euegne Agha, Lagos