ITB Construction

In 2026, ITB Construction, a subsidiary of the Chagoury Group, secured the contract to build the Snake Island port terminal in Lagos State. This major infrastructure project represented part of Nigeria's broader effort to modernize its maritime facilities and reduce congestion at existing ports. The Snake Island location, situated in Lagos lagoon, was selected as a strategic deep-water port site to handle larger vessels and increase cargo capacity.

The contract award came amid Nigeria's push to diversify its economy beyond oil revenues and strengthen its position as West Africa's commercial hub. Lagos ports had long struggled with capacity constraints and inefficiencies that increased costs for importers and exporters. The Chagoury Group, founded by Lebanese-Nigerian businessman Gilbert Chagoury, had established itself as a major player in Nigerian construction and real estate development since the 1980s, with previous involvement in significant infrastructure projects across the country.