President Bola Tinubu has assured domestic and foreign investors that the Nigerian Government will continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investment in the country.
President 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 for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.
Governor Dapo Abiodun led the Ogun State delegation to the ceremony. The delegation included the Secretary to the State Government, Tokunbo Talabi; Commissioners for Finance, Works, Industry, Trade and Investment, and Transport; and 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 and Chief Executive Officer of the Nigerian Ports Authority, Dr Abubakar Dantsoho; Group Chief Executive Officer of DP World, Yuvraj Narayan; Managing Director of SkyKapital, Karim Noujaim; and Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, DP World, Mohammed Rashid Ismail.
President Tinubu said the agreements brought together investment, expertise and execution capacity, while assuring investors that the Nigerian Government would provide the necessary regulatory and institutional support to move the projects from agreements to implementation.
He said all parties would be held accountable for their commitments, describing the agreements as a significant milestone in Nigeria’s efforts to attract foreign direct investment, expand productive capacity and position the country as a hub for maritime trade, logistics, manufacturing and exports.
The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft. It is expected to help decongest the Lagos port corridor, ease pressure on Apapa and Tin Can Island ports, and reduce costs and delays for importers and exporters.
The port is also expected to accommodate larger vessels used in global commerce and provide a trade and logistics gateway for the African Continental Free Trade Area, connecting Nigeria more effectively to a continental market of approximately 1.4 billion people.
The Ogun State Blue Marine Special Economic Zone is proposed to cover 10,000 hectares.
President Tinubu said 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 and many additional indirect opportunities when fully developed.
He said the projects would also generate non-oil export earnings and contribute to economic diversification and industrialisation.
The President commended Governor Abiodun and the Ogun State Government for securing the land, structuring the investment framework and reducing project risks for global investors.
He said the Nigerian Government would facilitate road, rail and power connectivity, strengthen investment security and the maritime domain, and remove unnecessary bureaucratic obstacles.
President Tinubu noted that the Blue Marine Special Economic Zone was already attracting interest from leading global manufacturing and industrial companies.
He said the zone would enable imported inputs to be transformed into finished goods, while Nigerian raw materials would be processed for export, creating employment opportunities for young Nigerians.
“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,” he said.
President Tinubu said strengthening the maritime economy remained a key component of the Nigerian Government’s broader economic diversification strategy. He urged Ogun State and the investors to sustain the momentum generated by the signing and proceed expeditiously with implementation.
He noted that Nigeria’s strategic position in West African trade had been constrained by port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business.
President Tinubu also highlighted the Lagos–Calabar Coastal Highway as central to the corridor’s commercial viability. He said the 28-kilometre Ogun State section of the 700-kilometre highway is scheduled for completion before the end of the year.
According to him, the road will provide a vital transport link for the zone and port, connecting them to Lagos, the Nigerian hinterland and markets across the African continent.
He added that the projects would anchor a broader strategic corridor near 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.
