President Bola Tinubu has unveiled an investment package of more than $7 billion for the development of the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone, projects expected to strengthen Nigeria’s maritime, manufacturing and export sectors.
Tinubu spoke in Paris, France, on Thursday during the signing of Memoranda of Understanding between the Ogun State Government and DP World, a global ports and logistics operator, for the development of the two projects.
The agreements are expected to attract an initial investment of more than $7 billion into Nigeria and generate over 50,000 direct jobs when fully developed, in addition to indirect employment opportunities.
The President said the projects represented an opportunity to address longstanding infrastructure and logistics challenges while positioning Nigeria as a stronger hub for maritime trade, manufacturing and exports.
He assured domestic and international investors that the Federal Government would provide regulatory clarity, policy stability and institutional support to ensure that the projects move from agreements to implementation.
Tinubu described the partnership with DP World as a combination of investment capital, technical expertise and execution capacity, stressing the importance of translating the agreements into tangible economic activity.
The proposed Gateway Deep Seaport will be located in Ogun Waterside and is planned to feature a four-kilometre berth with an 18-metre draft.
According to the President, the deeper draft would allow the facility to accommodate larger vessels and help decongest the Lagos port corridor, particularly the Apapa and Tin Can Island ports.
The project is also expected to reduce some of the logistics costs and delays associated with the movement of goods while providing an additional gateway for domestic and regional trade.
The seaport will be integrated with the proposed Ogun State Blue Marine Special Economic Zone, which is expected to cover approximately 10,000 hectares.
Tinubu said the economic zone would support manufacturing, processing, logistics and export-oriented industries, allowing raw materials to be processed into finished products for domestic consumption and international markets.
He said the integration of the port and economic zone was important because maritime infrastructure could support industrial production when properly connected to manufacturing and logistics facilities.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy,” the President said.
The Federal Government is also expected to facilitate road, rail and power connectivity to the projects, while working to strengthen maritime security and remove administrative bottlenecks that could delay investment.
Tinubu linked the projects to the Lagos-Calabar Coastal Highway, describing the Ogun section of the highway as an important transportation connection for the emerging industrial and maritime corridor.
The President said the 28-kilometre Ogun section of the 700-kilometre coastal highway was scheduled for completion before the end of the year.
The emerging corridor is also expected to connect the port and industrial zone with other strategic investments, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.
Governor Dapo Abiodun led the Ogun State delegation to the signing ceremony. Tinubu commended the state government for securing the land and structuring the investment framework for the projects.
Senior representatives of DP World, the Nigerian Ports Authority, SkyKapital and other investment partners also attended the event.
The development follows earlier efforts by the Ogun State Government to advance the deep-seaport project in the Ogun Waterside axis. In June, Governor Abiodun said the state was working to develop the project and described the proposed facility as a major component of Ogun’s industrial strategy.
The latest agreement marks a new stage in the development process, although the signing of the MoUs does not by itself mean that the full $7 billion has already been invested.
Tinubu urged Ogun State and its investment partners to maintain the momentum generated by the agreements and move quickly towards implementation.
The projects, if implemented as outlined, are expected to expand maritime capacity, support industrial development, improve logistics and create new opportunities for manufacturing and non-oil exports in Ogun State and Nigeria.
