President Bola Ahmed Tinubu has assured domestic and international investors of the Federal Government’s commitment to regulatory clarity, policy stability and a predictable business environment as Ogun State and global ports and logistics operator DP World signed agreements for the development of the Gateway Deep Seaport and Ogun State Blue Marine Special Economic Zone.
The Memoranda of Understanding were signed in Paris, France, on Thursday, with Tinubu witnessing the ceremony. Governor Dapo Abiodun led the Ogun State delegation, which included Secretary to the State Government Tokunbo Talabi and commissioners responsible for finance, works, industry, trade and investment, and transport.
The agreements envisage an initial investment of more than $7 billion in the Nigerian economy, with the projects projected to create more than 50,000 direct jobs at full development, alongside additional indirect employment and non-oil export opportunities.
The Gateway Deep Seaport is planned for Ogun Waterside and will feature a four-kilometre berth and an 18-metre draft, allowing it to accommodate larger vessels and provide an alternative trade and logistics gateway to the congested Lagos port corridor.
According to the Presidency, the proposed port is expected to ease pressure on the Apapa and Tin Can Island ports while reducing costs and delays for importers, exporters and consumers. It is also expected to strengthen Nigeria’s position as a trade and logistics gateway to the African Continental Free Trade Area market.
The proposed Ogun State Blue Marine Special Economic Zone will cover about 10,000 hectares and is designed to integrate port infrastructure with manufacturing, processing, logistics and export-oriented activities.
Tinubu said the integration of the port with the economic zone would provide a platform for turning imported inputs into finished products, processing Nigerian raw materials for export and expanding opportunities for local businesses and workers.
He described the agreements as bringing together vision, expertise, capital and execution capacity, while assuring investors that the Federal Government would provide the regulatory and institutional support required to move the projects from agreements to implementation.
The President also said the Federal Government would facilitate road, rail and power connectivity to the projects, strengthen investment security and the maritime domain, and remove unnecessary bureaucratic obstacles while ensuring compliance with Nigerian laws and regulatory requirements.
Tinubu said the government would also hold all parties accountable for their commitments, describing the agreements as part of efforts to attract foreign direct investment, expand productive capacity and strengthen Nigeria’s maritime, manufacturing and export sectors.
He said the projects were designed to respond to longstanding challenges in Nigeria’s trade infrastructure, including port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business.
The President further linked the projects to the Lagos-Calabar Coastal Highway, noting that the 28-kilometre Ogun section of the 700-kilometre highway is expected to provide an important transport connection to the proposed port and economic zone.
He said the corridor would also connect the emerging industrial and maritime cluster with the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, creating linkages with Nigeria’s wider energy and gas-export ambitions.
The Federal Government said the Blue Marine Special Economic Zone was already attracting interest from global manufacturing and industrial companies, with the zone expected to support economic diversification and non-oil exports.
The agreements were signed by representatives of the Ogun State Government and DP World, with senior Nigerian officials and representatives of the company present at the Paris ceremony.
The development marks another stage in Ogun State’s plans to establish a major maritime and industrial corridor in Ogun Waterside, while the Federal Government has pledged to provide the institutional support required to translate the agreements into actual projects.
Leave a comment