Prof. Adesoji Adesugba, Managing Director of the Nigeria Processing Zones Authority (NEPZA), has described the new 45-year concession agreement for the expansion of the Snake Island Port worth over $450million as another investment milestone brokered by the President Muhammadu Buhari’s administration.
Adesugba, stated this on Wednesday in his congratulatory message to the management of the Snake Island Integrated Free Zone (SIIFZ) in Abuja for securing the agreement on May 17.
The NEPZA Chief Executive Officer said that the president Buhari’s understanding of the importance of the free trade zone in unlocking the economy had led to progress of the scheme in recent years.
He explained that the Federal Government and the Nigeria Port Authority (NPA) made this economic concession for the benefit of the country, adding that the agreement was aimed at restoring the facility as a global ship hub once again.
“Just as we are rejoicing over the inauguration of the Dangote Refinery, also a free trade zone, this agreement also calls for celebration. You can see the strategic manner in which this administration delivered much of its economic policies through the free zone.
“I wish to therefore, congratulate Mr president and the management of the NPA for this feat. We will like to also express our profound appreciation to all stakeholders whose expertise were used to arrive on this agreement.
“It is important to mention that we have added another cap to the feather of NEPZA who midwifed this major investment worth over $450million.
“We are hopeful that this project when completed will provide more job opportunities for Nigerians, attract investments to the sector and contribute significantly to the revenue hub of the government,’’ he said.
You will recall that the Nigerdock is a multipurpose port facility sitting on 85-hectare, comprising three terminals located within SIIFZ.
Aside its operations in ship repair, logistics, and free zone solutions, Nigerdock had been in terminal operations following approvals by the NPA and the Nigeria Customs Service.
The Nigerdock was originally awarded free zone and port Status by the federal government in 2005 and later switching name to become Snake Island Integrated free zone the same year.
In the bid to further enhance the performance of the port, the federal government did approve direct shipping for the facility in 2017 and green-lighting cargo handling operations in 2021 respectively.