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 harbour ​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