Nigerdock, a service provider to the offshore oil and gas sector has received approval of the federal government for the commencement and expansion of Snake Island Port, a project estimated to cost over a billion dollars and generate over $5.2 billion revenues to the country.
The Federal Executive Council (FEC) under the administration of the immediate-past President, Muhammadu Buhari, gave the go-ahead for the Public Private Partnership (PPP) Project at its meeting held on May 17, 2023 at the State House, Abuja.
In a statement by Nigerdock on Wednesday, the total investment by the private sector for the development of Snake Island Port would be about $1 billion initially, with a further $850 million re-invested over the project’s lifetime.
Under a 45-year concession, the project was also estimated to generate over $5.2 billion revenue to the federal government over the period.
The FEC’s approval would see Snake Island Port commence immediately as an expansion to Nigerdock’s terminal operations, while the company’s shipyard, Free Zone, and related services will remain core parts of the business.