NPA, Nigerdock seal $1bn deal for Snake Island Port development

Onome Amuge

Nigerdock, in collaboration with the Nigerian Ports Authority (NPA), has sealed a landmark agreement to develop a $1 billion green port facility on Snake Island, setting the stage for a new era of environmentally conscious port development across the country.

The new facility, which will occupy 85 hectares of land within the Snake Island Integrated Free Zone, will boast of three terminals that make up the multi-purpose port.

The $1 billion agreement marks a major milestone in the development of the Snake Island Port, a project that has been in the works since 2023, when the Federal Executive Council (FEC) gave its approval. The 45-year concession, with a possible extension, positions the port as a long-term investment in Nigeria’s infrastructure and a critical driver of economic development.

Since 2005, when Nigerdock received Free Zone and Port Status from the presidency, the company has been working towards developing the Snake Island Integrated Free Zone.

In 2017, the NPA and the Nigeria Customs Service approved direct shipping for the facility, providing a significant boost to Nigerdock’s plans for the site. This was followed by the NPA’s authorisation of cargo handling operations in 2021, further cementing the port’s strategic significance.

Maher Jarmakani, chairman of Nigerdock, in a statement, commended the joint venture between the federal government and Nigerdock as a groundbreaking partnership that will pave the way for a new era of port development in the country.

“Snake Island Port is a landmark project that will attract an estimated $1 billion in foreign direct investment and strengthen Nigeria’s role in international trade. Following government approval, we have ensured regulatory compliance to align Snake Island Port within the Lagos Port ecosystem. By working closely with the NPA, the Ministry of Marine and Blue Economy, and other stakeholders, this project will stimulate maritime industry growth and unlock new opportunities in Nigeria’s blue economy,” he said. 

Commenting on the project, Abubakar Dantsoho, NPA’s managing director, expressed the agency’s commitment to expanding the nation’s port capacity.

Dantsoho added, “This agreement reflects the government’s ambition to enhance regional competitiveness in the global maritime sector. Through policies promoting openness, transparency, and capacity building, the NPA is partnering with private sector players like Nigerdock to deliver value-driven investments.”