Tinubu witnesses $7bn Ogun Deep Seaport deal in Paris, pledges support for investors

Tinubu witnesses $7bn Ogun Deep Seaport deal in Paris, pledges support for investors

President Bola Tinubu on Thursday witnessed the signing of memoranda of understanding between the Ogun State Government and DP World for the development of the Gateway Deep Seaport and the Blue Marine Special Economic Zone.

The agreements, signed in Paris, France, are expected to attract an initial investment of more than $7 billion and create over 50,000 direct jobs when the projects become fully operational.

Ogun State Governor, Dapo Abiodun, signed on behalf of the state government, while DP World Group Chief Executive Officer, Yuvraj Narayan, represented the international ports and logistics company.

Speaking at the ceremony, Tinubu assured investors that the Federal Government would provide regulatory clarity, policy stability and institutional support to ensure the projects progressed from signed agreements to implementation.

“The agreements before us bring together vision, expertise, capital and execution capacity,” the President said.

He described the projects as important components of Nigeria’s economic diversification strategy and efforts to become a major hub for maritime trade, logistics, manufacturing and exports.

Tinubu said the Federal Government would facilitate the road, rail and power infrastructure required to support the projects, while strengthening maritime security and removing unnecessary bureaucratic obstacles.

He added that all parties would be held accountable for their commitments.

The proposed Gateway Deep Seaport, to be located at Ogun Waterside, will have a four kilometre berth and an 18 metre draft, allowing it to receive larger vessels used in modern international trade.

The port is expected to reduce congestion along the Lagos port corridor, ease pressure on the Apapa and Tin Can Island ports, and lower costs and delays for businesses and consumers.

Tinubu said the development would also provide Nigeria with a competitive trade gateway to the African Continental Free Trade Area and its estimated market of 1.4 billion people.

The Ogun State Blue Marine Special Economic Zone will occupy about 10,000 hectares and accommodate manufacturing, processing and export oriented businesses.

According to the President, integrating the economic zone with the deep seaport would enable Nigeria to retain more value from its raw materials, expand non oil exports and create sustainable employment.

“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 President commended Abiodun and the Ogun State Government for securing land for the projects, establishing an investment framework and reducing risks for prospective investors.

He described the partnership between the Federal Government and Ogun State as an example of cooperative federalism, with a state driven project receiving federal support.

Tinubu also identified the Lagos Calabar Coastal Highway as central to the commercial success of the port and economic zone.

He said the 28 kilometre Ogun section of the 700 kilometre highway, scheduled for completion before the end of the year, would connect the projects to Lagos, Nigeria’s hinterland and other African markets.

The President added that the port and economic zone would form part of a wider industrial corridor that includes the proposed Nigerian Navy operating base and dockyard, as well as the OK LNG project.

Other officials at the ceremony included the Minister of Marine and Blue Economy, Adegboyega Oyetola; Nigeria’s Ambassador to France, Emmanuel Ayodele Oke; and the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho.

Tinubu urged the Ogun State Government, DP World and other partners to proceed quickly with the implementation of the projects.

Tinubu witnesses $7bn Ogun Deep Seaport deal in Paris, pledges support for investors