…Projects projected to attract over $7bn initial investment, create more than 50,000 direct jobs
The Ogun State Government and DP World MEA FZE have signed Memoranda of Understanding (MoUs) for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone, with the projects projected to attract more than $7 billion in initial investment and create over 50,000 direct jobs.
The agreements were signed in Paris, France, in the presence of President Bola Ahmed Tinubu, Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Director-General of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko.
The agreements bring together the Federal Government, Ogun State Government, DP World, financial advisers and other private-sector partners in an investment framework aimed at improving logistics, easing trade bottlenecks and expanding Nigeria’s manufacturing and export capacity.
Speaking at the occasion, President Tinubu said the two projects would help address longstanding infrastructure and logistics challenges while creating an integrated platform for industrial production, maritime commerce and access to African and global markets.
“We are doing more than signing agreements; we are laying the foundation for a new chapter in Nigeria’s development,” Tinubu said.
Deep Seaport to Support Industrial Growth
The Gateway Deep Sea Port, planned for the Ogun Waterside area, is expected to feature a four-kilometre berth and an 18-metre draft.
According to the project framework, the port is designed to handle larger vessels, reduce pressure on the Lagos port corridor and lower transportation costs and delays for importers and exporters.
The port will be integrated with the proposed 10,000-hectare Blue Marine Special Economic Zone, which is expected to accommodate manufacturing, processing and export-oriented businesses.
Tinubu said the integration would enable imported inputs to be converted into finished products while Nigerian raw materials could be processed locally for export.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy,” the President said.
He said the proposed development would strengthen Nigeria’s non-oil export base and deepen the country’s participation in regional and global trade.
Coastal Highway to Connect Corridor
The President also identified the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway as an important link that would connect the proposed port and industrial zone with Lagos, the Nigerian hinterland and wider African markets.
He added that the emerging economic corridor would connect with other strategic investments, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.
Tinubu said the projects represented an initial investment of more than $7 billion and were projected to generate over 50,000 direct jobs, in addition to indirect employment opportunities.
He described the investment as part of efforts to promote economic diversification and industrialisation under the Renewed Hope Agenda.
The President commended Ogun State Governor, Prince Dapo Abiodun, for securing the land, structuring the investment framework and reducing project risks for prospective investors.
He described the development as an example of cooperative federalism, with state-level initiatives receiving support from the Federal Government.
Tinubu also assured investors of regulatory clarity and policy stability, promising federal support for road, rail and power connectivity, investment security and the maritime sector.
He stressed that all parties would be held accountable for their commitments, noting that the agreements must translate into actual investments, infrastructure, jobs and economic opportunities.
Abiodun: Project Marks Defining Moment
Earlier, Governor Abiodun described the signing as a defining moment in the economic history of Ogun State and Nigeria’s engagement with the global economy.
The governor credited President Tinubu with providing the political leadership that revived the long-standing vision of developing a deep seaport along Ogun’s coastline, which he said had remained largely unrealised for more than three decades.
“It has taken the foresight, courage and dogged leadership of President Bola Ahmed Tinubu to move it from aspiration to reality,” Abiodun said.
He also commended the Minister of Marine and Blue Economy, the NPA and other federal institutions for their support.
According to the governor, the project demonstrates the alignment between the Federal Government’s Renewed Hope Agenda and Ogun State’s “Building Our Future Together” agenda.
Abiodun said the deep seaport formed part of a broader strategy to expand trade, attract investment, improve connectivity and strengthen Nigeria’s maritime economy.
“Our ambition is not merely to berth ships. We are building a gateway for Ogun and Nigeria’s productive strength to reach Africa and the world,” he said.
Blue Marine SEZ to Drive Manufacturing, Exports
The governor said the project would stimulate small and medium-sized enterprises, strengthen supply chains, expand export capacity and attract foreign direct investment.
He added that opportunities would emerge across maritime services, logistics, manufacturing and technology.
Abiodun described the proposed Blue Marine Special Economic Zone as a platform for attracting capital, technology, innovation and talent, citing DP World’s Jebel Ali Free Zone as an example of the potential benefits of integrating port infrastructure with a special economic zone.
He said the development would form part of a wider multimodal infrastructure network linking the Gateway International Airport, dry ports, the Lagos-Calabar Coastal Highway and the proposed deep seaport.
“History will judge us not by the elegance of documents signed, but by the transformation that follows. Ceremonies proclaim intentions; only implementation creates prosperity,” the governor said.
Abiodun assured DP World and other project partners that Ogun State remained committed to business, partnership and implementation.
He also stressed the importance of host-community participation, environmental sustainability and security in the development of the projects.
The signing marks a significant step in Ogun State’s long-standing coastal development plans and its strategy to leverage its geographical position to expand industrialisation, logistics, maritime commerce and international trade.