Snake Island Port has achieved a significant milestone by securing a momentous $1 billion private investment through a historic concession agreement.
This landmark agreement is set to transform the port’s operations and propel it to new heights.
The Chairman and Chief Executive Officer of Nigerdock, Maher Jarmakani, expressed his elation over this remarkable achievement. Jarmakani affirmed that the 45-year concession agreement with the Federal Government would not only allow for an expanded operational scope but also attract substantial private investment, amounting to an impressive $1 billion.
Jarmakani conveyed his heartfelt gratitude to the Federal Government for its unwavering support in enabling the expansion of Nigerdock’s operations. This collaboration serves as a testament to the government’s commitment to fostering partnerships that drive economic growth, job creation, and the development of critical infrastructure.
Nigerdock, a multipurpose port facility situated within the Snake Island Integrated Free Zone (SIIFZ), occupies an expansive 85-hectare area and encompasses three terminals. The facility specializes in ship repair, logistics, and free zone solutions. Recognizing the potential of Snake Island Port, the Presidency awarded Nigerdock free zone and port status back in 2005, leading to the establishment of the Snake Island Integrated Free Zone. In subsequent years, the Nigerian Ports Authority and Nigeria Customs Service granted approvals for direct shipping and cargo handling operations, respectively.
With the new concession agreement, Snake Island Port is poised for transformative growth. The extended operational scope and influx of private investment are expected to attract both domestic and international businesses, stimulating economic development in the region. This milestone aligns perfectly with Nigerdock’s long-term vision of becoming a globally recognized maritime operator, further enhancing its contribution to Nigeria’s economy.
The approval of the concession agreement not only emphasizes the Nigerian government’s commitment to public-private partnerships but also underscores its dedication to driving infrastructure projects nationwide. The collaboration between Nigerdock and the Federal Government sets a positive precedent, fostering an environment conducive to investment and economic prosperity.