President Bola Ahmed Tinubu on Thursday, September 24, assured investors of regulatory clarity and policy stability as Ogun state and global ports operator DP World signed memorandum of understanding (MoU) for a deep seaport and industrial zone in the state.
The agreements were signed in Paris, France, for the development of the gateway deep seaport and the Ogun state blue marine special economic zone.
Tinubu said the federal government would provide the necessary regulatory and institutional support to move the projects from agreements to implementation while ensuring that all parties fulfil their commitments.
He described the agreements as a significant step in Nigeria’s efforts to attract foreign direct investment, expand productive capacity, create jobs and strengthen the country’s position as a hub for maritime trade, logistics, manufacturing and exports.
The president welcomed DP World, a global ports and logistics operator, and commended Ogun state governor, Dapo Abiodun, for securing the land and developing the investment framework for the projects.
Tinubu said the projects represented economic diversification and industrialisation, adding that the federal government would support their implementation.
The proposed Gateway Deep Seaport at Ogun waterside will have a four-kilometre berth and an 18-metre draft, allowing it to accommodate larger vessels and provide an alternative gateway for cargo moving through the Lagos port corridor.
According to Tinubu, the port will help address congestion, inadequate draft capacity and logistics bottlenecks around existing ports while reducing the cost and time involved in moving goods.
He said the port would also strengthen Nigeria’s ability to take advantage of the African continental free trade Area by providing a modern gateway to a continental market of about 1.4 billion people.
The Ogun state blue marine special economic zone is planned across approximately 10,000 hectares and is expected to support manufacturing, processing, logistics and exports.
Tinubu said the zone was already attracting interest from major global manufacturing and industrial companies.
He added that imported inputs would be transformed into finished products within the zone, while Nigerian raw materials would be processed for export, creating employment and business opportunities across the value chain.
The president said the projects were expected to attract more than $7 billion in initial investment and create over 50,000 direct jobs when fully developed, alongside additional indirect employment opportunities.
He directed relevant federal government institutions to facilitate road, rail and power connectivity to the emerging industrial and maritime corridor while strengthening investment security and removing unnecessary bureaucratic obstacles.
Tinubu also linked the projects to the Lagos-Calabar coastal highway, saying the 28-kilometre Ogun section of the highway would provide a critical transport connection between the port, the special economic zone, Lagos and the Nigerian hinterland.
He said the emerging industrial corridor would also connect with the proposed Nigerian Navy operating base and Dockyard and the OK LNG Project.
Tinubu said the federal government would continue to work with Ogun state and other subnational governments to facilitate investments that create value for Nigerians while ensuring compliance with the country’s laws and regulatory requirements.
He urged the Ogun state government and investors to sustain the momentum generated by the agreements and proceed with implementation.
Governor Abiodun led the Ogun state delegation to the signing ceremony.
Also present were the minister of marine and blue economy, Adegboyega Oyetola, Nigeria’s ambassador to France, Emmanuel Ayodele Oke, managing director of the Nigerian Ports Authority, Abubakar Dantsoho, DP World Group chief executive officer, Yuvraj Narayan, managing director of SkyKapital, Karim Noujaim and DP World’s senior vice president, business development, Sub-Saharan Africa, Mohammed Rashid Ismail.
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