More
    HomeNewsNigeria secures $1bn investment for Snake Island Port devt

    Nigeria secures $1bn investment for Snake Island Port devt

    Published on

    spot_img

     

    Nigeria has taken a significant step towards advancing its green port development with the finalization of a $1 billion agreement between Nigerdock and the Nigerian Ports Authority (NPA) for the development of Snake Island Port ¹.

    Located within the Snake Island Integrated Free Zone, the new facility will span 85 hectares and feature a multipurpose port with three terminals.

    The project, approved by the Federal Executive Council (FEC) in 2023, aims to drive major infrastructure development nationwide.

    READ ALSO:

    I’m committed to returning out-of-school children to classroom, Tinubu tells Macron

    Gov Uba Sani offers repentant bandits second chance

    Tax Reforms: Group faults Senator Monguno for not supporting Ndume

    The concession for the port is set for 45 years, with an option for extension. Nigerdock Chairman, Maher Jarmakani, hailed the project as a groundbreaking collaboration between the Federal Government of Nigeria and Nigerdock, expected to attract $1 billion in foreign direct investment and bolster Nigeria’s role in international trade.

    According to Jarmakani, “Snake Island Port will stimulate maritime industry growth and unlock new opportunities in Nigeria’s blue economy.” The NPA Managing Director, Dr. Abubakar Dantsoho, echoed this sentiment, stating that the agreement reflects the government’s ambition to enhance regional competitiveness in the global maritime sector through policies promoting openness, transparency, and capacity building.

    Notably, Nigerdock was granted Free Zone and Port Status by the Presidency in 2005, paving the way for the establishment of the Snake Island Integrated Free Zone. The facility has since received approvals for direct shipping from the NPA and Nigeria Customs Service in 2017, and cargo handling operations from the NPA in 2021.

    Kindly share this story:

    Contact: [email protected]

    Stay informed!
    Follow us on: X.com: @TheReporter2024
    Follow us on: Facebook: TheReporterNigeria
    WhatsApp for breaking news, updates and exclusive content. Don't miss a headline – Click below to join now!
    WHATSAPP

    Latest articles

    My daughter was murdered for ritual, says victim’s father

    Father of Yetunde Lawal, Alhaji Ibrahim Lawal has said that Yetunde who was his...

    Suspected son of prominent Islamic scholar in police net for murder of final year student in Ilorin 

    One Yetunde Lawal, a female final year student, of the Kwara state College of...

    Jonathan urges African leaders to tackle instability with inclusion, economic empowerment

    Former President Dr. Goodluck Jonathan has advised African leaders to prioritise inclusion and economic...

    Amb Isola mourns demise of Chief Adebanjo

    Nigeria's immediate past High Commissioner to the United Kingdom, Ambassador Sarafa Tunji Isola has...

    More like this

    My daughter was murdered for ritual, says victim’s father

    Father of Yetunde Lawal, Alhaji Ibrahim Lawal has said that Yetunde who was his...

    Suspected son of prominent Islamic scholar in police net for murder of final year student in Ilorin 

    One Yetunde Lawal, a female final year student, of the Kwara state College of...

    Jonathan urges African leaders to tackle instability with inclusion, economic empowerment

    Former President Dr. Goodluck Jonathan has advised African leaders to prioritise inclusion and economic...