Ogun, Dubai Firm Ink Deal for Deep Seaport, Industrial Zone
Nigeria could attract more than $7 billion in initial investment following agreements to develop the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone, President Bola Tinubu has said.
The memoranda of understanding were signed in Paris between the Ogun State Government and DP World, a global ports and logistics company, according to a statement from the presidency on Thursday.
Tinubu, who witnessed the signing, pledged federal regulatory and institutional support for the projects, assuring investors of policy stability, regulatory clarity and a predictable business environment.
According to the president, the proposed developments could create more than 50,000 direct jobs when fully operational, alongside additional indirect employment and substantial non-oil export earnings.
“The agreements before us bring together vision, expertise, capital and execution capacity,” Tinubu said, welcoming DP World and other financial and investment partners involved in the projects.
He said the government would help move the projects from signed agreements to implementation while holding the parties accountable for their commitments.
Ogun State Governor Dapo Abiodun led the state delegation to the ceremony. Other attendees included Minister of Marine and Blue Economy Adegboyega Oyetola; Nigeria’s Ambassador to France, Emmanuel Ayodele Oke; and Nigerian Ports Authority Managing Director Abubakar Dantsoho.
DP World was represented by its group chief executive officer, Yuvraj Narayan, and other senior officials.
The proposed Gateway Deep Seaport at Ogun Waterside is designed to have a four-kilometre berth and an 18-metre draft, enabling it to receive larger vessels used in modern global commerce.
The project is expected to ease congestion along the Lagos port corridor, reduce pressure on the Apapa and Tin Can Island ports, and lower delays and logistics costs for importers, exporters and consumers.
It is also planned as a trade gateway for the African Continental Free Trade Area, which connects a continental market of about 1.4 billion people.
The accompanying Blue Marine Special Economic Zone is proposed to cover 10,000 hectares. It is expected to host manufacturing and processing companies that will convert imported inputs and Nigerian raw materials into finished products for domestic and export markets.
Tinubu described the seaport as the infrastructure needed to make the economic zone commercially viable.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” he said.
The president said the projects represented a practical step towards economic diversification and industrialisation. He commended the Ogun State Government for securing land, structuring the investment framework and reducing risks for prospective investors.
Tinubu pledged federal support for road, rail and power connections, as well as stronger maritime security and the removal of avoidable bureaucratic obstacles.
He identified the Lagos–Calabar Coastal Highway as crucial to the projects, saying its 28-kilometre Ogun section would connect the proposed maritime hub to Lagos, Nigeria’s hinterland and markets across Africa.
The port and economic zone are also expected to form part of a broader industrial corridor near the proposed Nigerian Navy operating base and dockyard and the OK LNG project.
Tinubu urged Ogun State and its investment partners to maintain the momentum created by the signing and proceed quickly to implementation.
“Nigeria lies at the heart of West African trade,” he said. “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.”
