Mediterranean Shipping Company has signed a 45-year concession agreement with Nigerdock to develop, operate and maintain a new container terminal at Snake Island Port in Lagos, the Switzerland-based shipping company announced.
According to Reuters, the dedicated MSC terminal forms part of the company’s planned $1 billion investment in infrastructure and logistics in Nigeria.
Global shipping firms are increasingly seeking long-term positions in emerging markets as global supply chains continue to shift. Nigeria, Africa’s largest economy, continues to face persistent congestion at its Lagos ports.
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MSC said the terminal will be constructed by ITB Nigeria and DEME Group and is expected to be completed by 2028.
The facility will cover 30 hectares (74 acres) and include a 910-metre (3,000-foot) quay capable of handling ship-to-shore cranes and mobile harbour cranes, allowing it to serve both deep-sea vessels and barges.
“The new terminal will open up opportunities, enhance efficiency, and elevate Snake Island Port as a major global shipping center,” said Diego Aponte.
Snake Island Port is an 85-hectare maritime facility operated by Nigerdock and includes three terminals that serve the wider Lagos port complex.
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Image Credit: Shipping Telegraph Aps
