Business

Snake Island To Attract $1bn Private Investment – Official

Published

3 years ago

May 22, 2023

The Chairman and Chief Executive Officer of Nigerdock, Maher Jarmakani, has said that the new 45-year concession agreement for Snake Island Port with the Federal Government will attract about $1bn in private investment.

He also said that it will allow for expanded operational scope.
Jamarkani said this in a statement over the weekend.

He also said that the Nigerdock and Snake Island Integrated Free Zone has received approval from the Federal Government for the commencement and expansion of Snake Island Port.

Jamarkani added that the approval was an oversight of the implementation of major infrastructure projects across the country.

“This new 45-year concession agreement for Snake Island Port with the Federal Government now allows for an expanded operational scope and will attract about $1bn in private investment.”

Jarmakani expressed happiness to the Federal Government for the development.

“We are immensely grateful for the support the Federal Government has shown to enable the expansion of our operations, which increases our value add to Nigeria’s economy and the actualisation of our long-term vision as a globally recognised maritime operator.

“This Public Private Partnership with the Government will also facilitate job creation and develop critical infrastructure vital for the nation’s growth.”

The statement also said that Nigerdock is a multipurpose port facility sitting on 85-hectare, comprising three terminals located within SIIFZ.

According to him, “In addition to its operations in ship repair, logistics, and free zone solutions, Nigerdock had already been in terminal operations following approval from the Nigerian Ports Authority and Nigeria Customs Service.”

He said that Nigerdock was originally awarded free zone and port Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone in the same year.

“The NPA and Nigeria Customs Service also approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.”

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

18 hours ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

3 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

3 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.