President Bola Tinubu has announced an investment package of more than $7 billion for the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport, calling the projects a major step towards strengthening Nigeria’s maritime economy and attracting foreign investment.

The announcement came in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World, a global ports and logistics operator. The statement was 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 for long-term investment in Nigeria.

“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,” the President said.

He added that the government would give the regulatory and institutional support needed to move the projects from agreements into implementation.

What the Projects Involve

The agreements are expected to attract an initial investment of more than $7 billion and create over 50,000 direct jobs when fully developed, along with additional indirect employment. The projects are also expected to generate non-oil export earnings and support Nigeria’s economic diversification.

“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” Tinubu said.

The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft. It is expected to help decongest the Lagos port corridor and ease pressure on Apapa and Tin Can Island ports. The deeper draft will allow the port to handle larger vessels and offer a competitive gateway for trade within Nigeria and across the African Continental Free Trade Area.

The Ogun State Blue Marine Special Economic Zone will cover about 10,000 hectares and be integrated with the 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,” Tinubu said.

Infrastructure and Connectivity

The Federal Government will help provide road, rail and power connections to the projects, while strengthening investment security and the maritime domain and removing unnecessary bureaucratic obstacles.

The President 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 28-kilometre Ogun section of the 700-kilometre highway is scheduled for completion before the end of the year.

He said the port and industrial zone would also form part of a wider strategic corridor linking the proposed Nigerian Navy Operating Base and Dockyard with the OK LNG Project.

Praise for Ogun State

Tinubu commended Ogun State Governor Dapo Abiodun and his administration for securing the land, structuring the investment framework and reducing project risks for global investors.

Abiodun led the Ogun State delegation at the signing ceremony, which included state commissioners and other senior officials. Senior representatives of DP World, the Nigerian Ports Authority and SkyKapital were also present.

The President urged the state and the investors to keep up the momentum and move quickly 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.