Nigeria: Shell, Schlumberger, Others Invest $1bn in Snake Island Integrated Free Zone

Nigeria: Shell, Schlumberger, Others Invest $1bn in Snake Island Integrated Free Zone

Shell Nigeria Exploration and Production Company (SNEPCO), Schlumberger, Globestar, Atlantic Aviation and 19 other enterprises operating within the Snake Island Integrated Free Zone (SIIFZ) in Lagos have made a total investment of about $1billion in the zone.
Speaking during the weekend when the Minister for Industry, Trade and Investment, Mr. Olusegun Aganga visited the Snake Island facilities of Nigerdock, the Chairman of Jagal Group, owners of Nigerdock, Mr. Anwar Jarmakani stated that in the last three years, SIIFZ has attracted direct investment to the tune of over $230million.
Jarmakani noted that Nigerdock has commenced discussions with eleven other entities that plan to come into the zone, adding that these entities possess the latest state-of-the-art technologies, with expertise in various aspects of integrated deepwater oil and gas services.
He said SIIFZ was primarily promoted as an integrated deepwater oil and gas service and support location capable of attracting and combining the engineering and component manufacturers, as well as service companies, into one interconnected environment.
“The aim is to bring together in one location, a myriad of facilities and companies that can help achieve the vision of increasing Nigerian content in the oil and gas sector. A further goal of SIIFZ is to serve as a major hub for improving capacity and capabilities within the country to world class standards. The ultimate vision which is what is captured in our DISC concept is to establish global competitiveness and ensure that Nigeria becomes a major source of supply across West Africa,” he explained.
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