President Bola Tinubu has said the proposed Gateway Deep Seaport and Ogun State Blue Marine Special Economic Zone will attract more than $7 billion in initial investment and create over 50,000 direct jobs.
Tinubu spoke in Paris, France, on Thursday at the signing of memoranda of understanding between the Ogun State Government and DP World, a global ports and logistics company, for the development of the two projects.
The President assured investors that the Federal Government would provide regulatory clarity, policy stability and a predictable business environment to support the investments.
“The agreements before us bring together vision, expertise, capital and execution capacity,” Tinubu said.
“I particularly welcome DP World, one of the world’s leading port and logistics operators. I also acknowledge our financial advisers, SkyKapital, and all the investors and partners whose commitment has brought us to this important stage.”
Ogun State Governor, Dapo Abiodun, led the state’s delegation to the signing ceremony. Other members included the Secretary to the State Government, Tokunbo Talabi, commissioners responsible for finance, works, industry, trade and investment, and transport, as well as a representative of the host community.
Also present were the Minister of Marine and Blue Economy, Adegboyega Oyetola; Nigeria’s Ambassador to France, Emmanuel Ayodele Oke; Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho; Group Chief Executive Officer of DP World, Yuvraj Narayan; Managing Director of SkyKapital, Karim Noujaim; and DP World’s Senior Vice President for Business Development in Sub Saharan Africa, Mohammed Rashid Ismail.
Tinubu said the Federal Government would provide the regulatory and institutional support required to move the projects from agreements to implementation.
He added that all parties would be held accountable for their commitments.
According to the President, the projects represent a significant milestone in Nigeria’s efforts to attract foreign direct investment, expand productive capacity and position the country as a major centre for maritime trade, logistics, manufacturing and exports.
The proposed Gateway Deep Seaport, located at Ogun Waterside, will have a four kilometre berth and an 18 metre draft, enabling it to receive larger vessels used in modern global commerce.
Tinubu said the port would help decongest the Lagos port corridor, reduce pressure on the Apapa and Tin Can Island ports, and lower costs and delays for importers, exporters and consumers.
He added that the facility would provide a competitive trade and logistics gateway for the African Continental Free Trade Area, giving Nigeria improved access to a continental market of about 1.4 billion people.
The Ogun State Blue Marine Special Economic Zone is expected to occupy 10,000 hectares.
“These agreements envisage an initial investment of more than $7 billion in the Nigerian economy,” Tinubu said.
“At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non oil export earnings from Nigerians’ creativity and productivity across the value chain.”
The President commended the Ogun State Government for securing the land, developing the investment framework and reducing project risks for investors.
He described the partnership as an example of cooperative federalism, with a state government developing the project while receiving institutional support from the Federal Government.
“We will facilitate road, rail and power connectivity, strengthen investment security and our maritime domain, and remove unnecessary bureaucratic obstacles,” he said.
Tinubu said the economic zone was already attracting interest from major international manufacturing and industrial companies.
He explained that the zone would enable imported inputs to be converted into finished goods and Nigerian raw materials to be processed for export.
“Most importantly, our young men and women will find dignified, productive and sustainable employment,” he said.
“The Gateway Deep Seaport is the critical infrastructure that will support the zone’s viability. A port moves cargo, but a port integrated with a special economic zone helps to build an economy. Each reinforces the other.”
Tinubu said the projects would help address port congestion, inadequate draft capacity and logistics bottlenecks that had increased the cost of doing business in Nigeria.
He identified the Lagos Calabar Coastal Highway as a major component of the corridor’s commercial viability.
According to him, the 28 kilometre Ogun State section of the 700 kilometre highway is scheduled for completion before the end of the year and will provide a vital transport link for the port and economic zone.
“With the highway, the zone and port will connect more effectively to Lagos, the Nigerian hinterland and markets across the African continent,” Tinubu said.
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He added that the projects would anchor a wider industrial corridor near the proposed Nigerian Navy operating base and dockyard, as well as the OK LNG project, linking the development to Nigeria’s energy and gas export ambitions.
The President urged the Ogun State Government, DP World and other investors to sustain the momentum created by the signing and proceed quickly with implementation.
