The Ogun State Government and global ports operator DP World have signed Memoranda of Understanding (MoUs) for projects expected to attract more than $7 billion in initial investment to Nigeria.
The agreements, signed in Paris in the presence of President Bola Tinubu, cover the development of the Gateway Deep Seaport at Ogun Waterside and the 10,000-hectare Ogun State Blue Marine Special Economic Zone.
The proposed deep seaport will feature a four-kilometre berth and an 18-metre draft, allowing it to accommodate larger vessels while providing an alternative route for cargo currently moving through the Lagos port corridor.
The Federal Government said the port is expected to help ease congestion around the Apapa and Tin Can Island ports and reduce delays and logistics costs for businesses involved in imports and exports.
The accompanying Blue Marine Special Economic Zone is designed to support manufacturing, processing and export-oriented activities, linking maritime infrastructure with industrial production.
At full development, the projects are projected to create more than 50,000 direct jobs, alongside additional indirect employment opportunities and increased non-oil export activity.
Speaking at the signing ceremony, President Tinubu assured investors that the Federal Government would provide regulatory and institutional support required to move the projects from the agreement stage to implementation.
He also pledged federal support for road, rail and power connectivity, investment security and the removal of unnecessary bureaucratic obstacles, while stressing compliance with Nigeria’s laws and regulatory requirements.
Tinubu further identified the Lagos-Calabar Coastal Highway as an important link for the emerging corridor. The 28-kilometre Ogun section is expected to improve connectivity between the proposed port, the economic zone, Lagos and Nigeria’s hinterland.
The President said the projects would form part of a broader maritime, industrial and trade corridor that could connect manufacturing, logistics, energy and export activities.
The Ogun State Government delegation at the signing was led by Governor Dapo Abiodun, while DP World was represented by its Group Chief Executive Officer, Yuvraj Narayan.
The Federal Government said it would work with Ogun State and other subnational governments to facilitate investments while ensuring that all parties remain accountable for their commitments under the agreements.
