Tinubu Unveils $7bn Ogun Deep Seaport Deal, Assures Investors Of Regulatory Stability

President Bola Ahmed Tinubu has assured domestic and foreign investors of the Federal Government’s commitment to regulatory clarity, policy stability and a predictable business environment as Nigeria seeks to attract more long-term investment.

The President spoke on Thursday in Paris, France, at the signing of Memoranda of Understanding between the Ogun State Government and global ports and logistics operator, DP World, for the development of the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.

The agreements envisage an initial investment of more than $7 billion in the Nigerian economy, with the projects projected to create more than 50,000 direct jobs when fully developed, alongside additional indirect employment opportunities.

Tinubu described the agreements as a major step towards expanding Nigeria’s productive capacity, diversifying the economy and positioning the country as a major hub for maritime trade, logistics, manufacturing and exports.

“The agreements before us bring together vision, expertise, capital and execution capacity,” the President said, welcoming DP World and other investors and partners involved in the projects.

The proposed Gateway Deep Seaport at Ogun Waterside will have a four kilometre berth and an 18 metre draft. According to the Federal Government, the facility is expected to help decongest the Lagos port corridor, reduce pressure on the Apapa and Tin Can Island ports, and cut transportation costs and delays for importers and exporters.

The port is also expected to accommodate larger vessels serving modern global trade and provide a gateway to markets across the African Continental Free Trade Area, which covers a continental market of approximately 1.4 billion people.

The Ogun State Blue Marine Special Economic Zone is proposed to cover about 10,000 hectares, with the government saying it is already attracting interest from major international manufacturing and industrial companies.

Tinubu said the zone would provide an integrated platform where imported inputs could be transformed into finished products, Nigerian raw materials processed for export and employment opportunities created for young Nigerians.

“A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” the President said.

He assured investors that the Federal Government would provide the regulatory and institutional support required to move the projects from agreements to implementation, while holding all parties accountable for their commitments.

Tinubu also pledged federal support for road, rail and power connectivity, maritime security and the removal of unnecessary bureaucratic obstacles.

He described the projects as an example of cooperation between the federal and subnational governments, commending Ogun State Governor Dapo Abiodun for securing the land and structuring the investment framework.

The President also linked the viability of the projects to the Lagos Calabar Coastal Highway, particularly the 28 kilometre Ogun section of the planned 700 kilometre coastal route.

He said the Ogun section, scheduled for completion before the end of the year, would provide an important transport connection between the proposed port, the special economic zone, Lagos and the Nigerian hinterland.

Tinubu further said the projects would form part of a wider strategic corridor around the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, linking the industrial cluster to Nigeria’s energy and gas export ambitions.

He said strengthening the maritime economy remained a key component of the Federal Government’s economic diversification strategy and urged Ogun State and the investors to move quickly from the signing of the agreements to implementation.

Ogun State Governor Dapo Abiodun led the state delegation to the signing ceremony, which included the Secretary to the State Government, Tokunbo Talabi, and commissioners overseeing finance, works, industry, trade and investment, and transport.

Also present were the Minister of Marine and Blue Economy, Adegboyega Oyetola; Nigeria’s Ambassador to France, Emmanuel Ayodele Oke; the Managing Director and Chief Executive Officer of the Nigerian Ports Authority, Dr Abubakar Dantsoho; DP World Group Chief Executive Officer, Yuvraj Narayan; SkyKapital Managing Director and CEO, Karim Noujaim; and DP World’s Senior Vice President for Business Development, Sub-Saharan Africa, Mohammed Rashid Ismail.