Cleaner Lagos, Clearer Rules: Inside Tokunbo Wahab’s Environmental Push

A new $1 billion port project in Lagos could change how goods move in and out of Nigeria. And it is being handled by two major private business groups.

Mediterranean Shipping Company (MSC), the world’s largest shipping company, has secured a 45-year agreement to build and run a new container terminal at Snake Island. To construct it, MSC is working with ITB Nigeria, a subsidiary of the Chagoury Group, along with a European engineering firm.

The goal is simply to increase capacity. Lagos ports, especially Apapa and Tin Can Island, are often congested. This leads to delays, higher costs, and slow delivery times. The new Snake Island terminal is expected to handle more cargo and reduce some of that pressure.

The planned facility will include a long quay for large ships, modern loading equipment, and a container yard. It is also designed to handle bigger vessels than many existing Nigerian ports can currently manage.

For businesses and consumers, the impact could be practical. Faster port operations may reduce shipping delays and, over time, help lower the cost of imported goods. It could also make it easier for Nigerian exporters to move products out of the country.

The federal government is expected to earn revenue from the project over the 45-year period, with estimates running into billions of dollars. There are also expected to be new jobs linked to construction and port operations.

Both companies involved have strong track records. MSC operates a global shipping network with hundreds of vessels. The Chagoury Group has built major projects in Nigeria, including Eko Atlantic and large road developments.

This project is a long-term investment. Its success will depend on whether it can deliver consistent, reliable port services in a system that has struggled with delays for years.