The federal government has given the go-ahead to Nigerdock, a service provider to the offshore oil and gas industry, for the start-up and extension of Snake Island Port, a project that is expected to cost over a billion dollars and bring in more than $5.2 billion in income for the nation.
The project was also projected to bring in more over $5.2 billion in income for the federal government during the course of a 45-year concession. Over the last 20 years, Nigerdock has obtained a number of licenses under the main investment of Jagal.
The Presidency granted the corporation Free Zone and Port Development Status for its 252 hectares of property at Snake Island, Lagos, in 2005, which prompted the creation of the Snake Island Integrated Free Trade Zone.
Additionally, Presidential and Customs approval was granted to Nigerdock and Snake Island Integrated Free Zone to operate as a wharf within Apapa and Tin Can Ports in Lagos.