- MSC Group signs a 45-year, $1bn concession with Nigerdock to build a container terminal at Snake Island Port.
- Construction goes to ITB Nigeria, owned by Gilbert Chagoury.
- The terminal is expected to ease congestion at Apapa and Tin Can Island ports.
The Federal Government has awarded the construction of a new container terminal at Snake Island Port in Lagos to ITB Nigeria Limited, a company owned by Nigerian-Lebanese businessman and presidential ally Gilbert Chagoury, as part of a $1 billion concession agreement with Swiss shipping giant MSC Group.
EKO HOT BLOG reports that MSC Group signed a 45-year concession agreement with Nigerian Maritime Company Nigerdock to develop the terminal within Snake Island Port (SIP) and has finalised an Engineering, Procurement, and Construction (EPC) contract with ITB Nigeria Limited and Belgian marine construction firm DEME Group for the project.
EDITOR’S PICKS
The development forms part of what MSC Group describes as its total investment of over $1 billion in Nigeria’s infrastructure and logistics sector.
According to project details, the terminal will feature a 910-metre quay equipped with Ship to Shore (STS) cranes and Mobile Harbour Cranes to serve both deep-sea vessels and barges. The design includes an initial dredging depth of -16.5 metres Chart Datum, aligned with the existing navigation channel depth, and a 30-hectare yard fitted for hybrid Rubber Tired Gantry cranes, with room for future expansion.
The terminal’s design is also scalable, with provision for a final dredging depth of -18 metres to accommodate larger vessels as trade volumes grow.
MSC Group President Diego Aponte described the agreement as a significant milestone for Nigeria’s maritime sector.
“Completing this key phase in the development of Snake Island Container Terminal with Nigerdock and our trusted partners demonstrates MSC Group’s commitment to providing excellent service to our customers in Nigeria and throughout Africa,” Aponte said.
He added that the terminal would create local jobs, generate economic revenue, and position Snake Island Port as a major global shipping centre. “Together with our Group’s other long-term investments in Nigeria, it will generate many local jobs and significantly increase economic revenue and resilience,” he said.
Chagoury is one of the most prominent private investors in Lagos infrastructure.
He is the developer behind Eko Atlantic City, the landmark land reclamation project on Lagos’ coastline, and his Hitech Road Construction Company is handling construction of the Lagos-Calabar Coastal Highway, one of the Tinubu administration’s flagship infrastructure projects.
In January 2026, President Bola Tinubu conferred on Chagoury the Grand Commander of the Order of the Niger (GCON), one of Nigeria’s highest national honours, citing his personal qualities and contributions to the country. The instrument conferring the honour was signed on January 8, 2026.
Snake Island Port, located within the Lagos harbour, has long been underutilised relative to its potential. The new terminal is expected to significantly increase the port’s container handling capacity and reduce pressure on the congested Apapa and Tin Can Island ports.
FURTHER READING
Construction timelines and the terminal’s projected operational date have not yet been disclosed by the parties involved.
Click to watch the video of the week below:
