Snake Island gets port status as FG grants 45 years concession
Lagos -- The Federal Government has approved port status for Snake Island located in the Snake Island Integrated Free Zone, SIIFZ, just as the operators of the port commenced the expansion of the facility.
The port is an 85-hectare, multipurpose facility comprising three terminals located within Snake Island Integrated Free Zone.
The port status approval was granted on May 17, 2023 by the Federal Executive Council, FEC, which has oversight on the implementation of major infrastructure projects across the country.
Speaking on the development, Nigerdock Chairman and CEO, Maher
Jarmakani, said the approval will facilitate job creation and develop critical infrastructure vital for the nation’s growth.
“We are immensely grateful for the support the Federal Government has shown to enable the expansion of our operations, which increases our value addition to Nigeria’s economy and the actualization of our long-term vision as a globally recognized maritime operator.
“This Public Private Partnership with the
Government will also facilitate job creation and develop critical infrastructure vital for the nation’s growth,” he said.
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 allows for an expanded
operational scope and will attract about $1 billion in private investment.
Meanwhile, the Managing Director of the Nigeria Processing Zones Authority, NEPZA, Prof Adesoji Adesugba, has described the new 45-year concession agreement for the expansion of the Snake Island Port worth over $450 million as another investment milestone brokered by the President Muhammadu Buhari’s administration.
Adesugba stated this in his congratulatory message to the management of the Snake Island Integrated Free Zone in Abuja for securing the agreement on May 17.