ITB and MSC Launch $1 Billion Snake Island Port Project

ITB, a subsidiary of the Chagouri Group, and MSC, the world's largest shipping company, have secured a $1 billion agreement to build and operate a new container terminal at Snake Island, Lagos. The 45-year agreement aims to increase the capacity of Lagos ports, particularly addressing congestion issues at Apapa and Tin Can Island, which have been causing delays and higher costs in shipping.

The new terminal is expected to handle cargo more efficiently, alleviating pressure on existing facilities. It will feature a long quay, modern loading equipment, and a container yard designed for larger vessels.

The Nigerian federal government anticipates significant revenue from the project over its duration, with estimates reaching $1 billion. Additionally, the project is expected to create new jobs linked to the construction and operation of the port.

MSC has a strong global shipping network, while the Chagouri Group has a history of major developments in Nigeria, including the Eko Atlantic project.