Shipping company MSC has signed a 45-year concession agreement with Nigerian maritime company Nigerdock to develop, operate and maintain a new container terminal at Snake Island Port in Lagos, the Switzerland-based company said.
The dedicated MSC terminal would be part of the company's announced $1 billion investment in infrastructure and logistics in Nigeria.
Global shipping companies are pushing to secure long-term footholds in emerging markets as supply chains are reconfigured worldwide.
Nigeria, Africa's largest economy, is grappling with chronic congestion at Lagos' ports.
MSC said the terminal, to be built by ITB Nigeria and DEME Group, is expected to be ready by 2028.
It will occupy 30 hectares (74 acres) and feature a 910-metre (3,000 ft) quay capable of handling ship‑to‑shore cranes and mobile harbor cranes, serving 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," MSC President Diego Aponte said.
Snake Island Port is an 85-hectare facility operated by Nigerdock, a maritime and logistics company, and comprises three terminals serving the Lagos port complex.
(Reuters - Reporting by Isaac Anyaogu; Editing by Edmund Klamann)