Few days before leaving office, Buhari approved a billion-dollar-worth expansion for Snake Island Port, Lagos.
Nigerdock, a leading service provider to the offshore oil and gas sector, has received official approval from the federal government for the commencement and expansion of the Snake Island Port project.
The project, estimated to cost over a billion dollars, is expected to generate significant revenues for the country, with projections reaching over $5.2 billion.
The approval was granted by the Federal Executive Council (FEC) during a meeting held on May 17, 2023, at the State House in Abuja; hence, the approval was made by the Muhammadu Buhari administration.
The project will be carried out through a Public Private Partnership (PPP) initiative, in line with the administration’s strategy for economic development.
In a statement released yesterday, Nigerdock revealed that the initial investment by the private sector for the development of Snake Island Port is estimated to be around $1 billion. Additionally, an additional $850 million will be reinvested in the project over its lifetime.
The concession for the project spans 45 years and is expected to contribute significantly to the federal government’s revenue, surpassing $5.2 billion over the entire period.
Snake Island, situated opposite Tin Can Island Port in Apapa, Nigeria, spans a length of 14 kilometers and a width of 1.4 kilometers. While the island does not possess the same level of sophistication as other islands in Nigeria, it boasts immediate access to the open sea.