Vincent Toritseju
Lagos — The Federal Government last week approved the port status of Snake Island located in the Integrated Free Zone, just as 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 approval was granted on 17th May 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 that 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.
Follow us on twitter
