New Telegraph

Official: Snake Island Will Draw $1bn In Private Investment

The Chairman and Chief Executive Officer of Nigerdock, Maher Jarmakani, has said that the Federal Government’s new 45-year concession arrangement for Snake Island Port will bring in roughly $1 billion in private investment.

In a statement issued over the weekend, Jamarkani added that the investment will allow for expanded operational scope in the country.

The Nigerdock and Snake Island Integrated Free Zone (SIIFZ) has received approval from the Federal Government for the commencement and expansion of Snake Island Port according to Jamarkani

Jamarkani added that the approval was an oversight of the implementation of major infrastructure projects across the country.

“This new 45-year concession agreement for Snake Island Port with the Federal Government now allows for an expanded operational scope and will attract about $1bn in private investment.”

Jarmakani expressed happiness to the Federal Government for the development.

“We are immensely grateful for the support the Federal Government has shown to enable the expansion of our operations, which increases our value add to Nigeria’s economy and the actualisation of our long-term vision as a globally recognised maritime operator.

“This Public Private Partnership with the Government will also facilitate job creation and develop critical infrastructure vital for the nation’s growth.”

The statement also said that Nigerdock is a multipurpose port facility sitting on 85-hectare, comprising three terminals located within SIIFZ.

According to him, “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 and Nigeria Customs Service.”

He said that 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.”

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