Tinubu unveils $7bn Ogun deep seaport, blue marine economic zone

President Bola Tinubu has announced an investment package exceeding $7 billion for the proposed Gateway Deep Seaport and Ogun State Blue Marine Special Economic Zone.

The President described the projects as strategic investments that could expand Nigeria’s maritime economy, strengthen industrial activity and attract additional foreign capital.

Tinubu spoke in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and global ports and logistics company, DP World.

According to a statement issued on Thursday by the President’s spokesman, Bayo Onanuga, the agreements provide a framework for the development of the two major projects.

Tinubu assured investors that his administration would continue to focus on regulatory certainty, policy consistency and a predictable business environment for long-term investments.

“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 pledged the Federal Government’s regulatory and institutional backing to ensure that the agreements progress into actual projects.

The President said the investment package was expected to bring more than $7 billion into the Nigerian economy and generate over 50,000 direct jobs once the projects become fully operational.

He added that the developments would also support non-oil exports and contribute to efforts to diversify the economy.

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

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The proposed Gateway Deep Seaport, located in Ogun Waterside, is planned to feature a four-kilometre berth and an 18-metre draft.

The facility is expected to provide an additional maritime gateway, ease congestion along the Lagos port corridor and reduce pressure on the Apapa and Tin Can Island ports.

Tinubu said the deeper draft would allow larger vessels to access the facility while strengthening its capacity to serve domestic and regional trade under the African Continental Free Trade Area.

The accompanying Blue Marine Special Economic Zone is expected to cover approximately 10,000 hectares and operate in close integration with the seaport.

The zone is designed to support manufacturing, processing, exports and logistics activities.

“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.

He said the Federal Government would support the development of road, rail and power infrastructure serving the projects, while also working to improve investment security and eliminate unnecessary bureaucratic hurdles.

The President identified the Lagos-Calabar Coastal Highway as another important component of the emerging industrial and maritime corridor.

“The Lagos–Calabar Coastal Highway is central to this corridor’s commercial viability,” he said, adding that the 28-kilometre Ogun section of the 700-kilometre highway was scheduled for completion before the end of the year.

Tinubu said the wider corridor would connect the port and industrial zone with other strategic projects, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.

He commended Ogun State Governor Dapo Abiodun for facilitating the project by securing the land and developing the investment framework.

“I commend Governor Dapo Abiodun and the government and people of Ogun State for securing the land, structuring the investment framework and reducing project risks for global investors,” he said.

Abiodun led the Ogun delegation at the signing ceremony, alongside state commissioners and other senior government officials.

Representatives of DP World, the Nigerian Ports Authority and SkyKapital also attended the event.

Tinubu called on the Ogun State Government and participating investors to sustain the momentum and move from the signing of the agreements to 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.

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