President Bola Tinubu has unveiled an investment package of more than $7 billion for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport, with the projects expected to create over 50,000 direct jobs.
The agreements, signed between the Ogun State Government and global ports and logistics operator DP World in Paris, France, are aimed at strengthening Nigeria’s maritime economy, attracting foreign investment and supporting economic diversification through manufacturing, exports and logistics.
In a statement issued by the president’s spokesman, Bayo Onanuga, Tinubu assured domestic and foreign investors that the Federal Government would continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investments in Nigeria.
Speaking during the signing of the memoranda of understanding, the President said the agreements brought together the expertise, capital and execution capacity needed to advance the projects.
“The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators,” Tinubu said.
He added that the Federal Government would provide the necessary regulatory and institutional support to ensure the projects moved from agreements to implementation.
The agreements are expected to attract an initial investment of more than $7 billion into the Nigerian economy and create over 50,000 direct jobs when fully developed, alongside additional indirect employment opportunities.
Tinubu said the projects would also generate non-oil export earnings and contribute to Nigeria’s economic diversification.
“This is economic diversification made tangible. This is industrialization made visible. This is Renewed Hope in action,” he said.
The proposed Gateway Deep Seaport, located in Ogun Waterside, will feature a four-kilometre berth and an 18-metre draft. The facility is expected to help decongest the Lagos port corridor and reduce pressure on the Apapa and Tin Can Island ports.
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Tinubu said the deeper draft would enable the port to accommodate larger vessels while providing a competitive gateway for trade within Nigeria and across the African Continental Free Trade Area.
He added that the proposed Ogun State Blue Marine Special Economic Zone would cover approximately 10,000 hectares and be integrated with the deep seaport to support manufacturing, processing, exports and logistics.
“The Gateway Deep Seaport is the critical infrastructure that will support the zone’s viability. A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” the President said.
Tinubu said the Federal Government would facilitate road, rail and power connectivity to the projects while strengthening investment security, improving the maritime domain and removing unnecessary bureaucratic obstacles.
The President also linked the projects to the Lagos-Calabar Coastal Highway, describing the Ogun section as a critical transport connection for the emerging industrial and maritime corridor.
“The Lagos–Calabar Coastal Highway is central to this corridor’s commercial viability,” he said, adding that the 28-kilometre Ogun section of the 700-kilometre highway was scheduled for completion before the end of the year.
Tinubu said the port and industrial zone would also form part of a wider strategic corridor connecting the proposed Nigerian Navy Operating Base and Dockyard with the OK LNG Project.
He commended Ogun State Governor Dapo Abiodun and his administration for securing the land and structuring the investment framework to reduce project risks for international investors.
“I commend Governor Dapo Abiodun and the government and people of Ogun State for securing the land, structuring the investment framework and reducing project risks for global investors,” Tinubu said.
Abiodun led the Ogun State delegation at the signing ceremony, which was attended by state commissioners and other senior officials. Senior representatives of DP World, the Nigerian Ports Authority and SkyKapital were also present.
Tinubu urged the Ogun State Government and the investors to maintain the momentum created by the agreements and move swiftly towards implementation.
“Nigeria lies at the heart of West African trade. Yet, our strategic advantage has been constrained by port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business. These projects respond directly to those constraints,” he said.
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