• Monday, July 15, 2024
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Snake Island Port to attract $1bn in private investment

Pressure mounts on importers as clearance fees adjusted to N952

Maher Jarmakani, chairman/CEO of Nigerdock said the proposed Snake Island Port will attract about $1 billion in private investment.

Speaking after Nigerdock and Snake Island Integrated Free Zone received approval from the Federal Government to expand Snake Island Port, Jarmakani said the 45-year concession agreement the port has with the Federal Government will also allow for expanded operational scope.

He expressed gratitude for the support the Federal Government has shown to enable the expansion of the port, which increases the value it will add to Nigeria’s economy and the actualisation of its long-term vision as a globally recognised maritime operator.

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“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.

Snake Island Port will seat on 85-hectare and will be a multipurpose port facility comprising three terminals located within Snake Island Integrated Free Zone.

The approval was granted on 17th May 2023 by the Federal Executive Council, which oversees the implementation of major infrastructure projects in the country.

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, with the NPA green-lighting cargo handling operations in 2021.