The Ogun State Government and DP World, a global ports and logistics operator, have signed Memoranda of Understanding (MoUs) for the development of a deep sea port and industrial zone estimated to attract more than $7 billion in investment.
The agreements were signed on Thursday in Paris, France, in the presence of President Bola Tinubu, who assured investors of regulatory clarity and policy stability.
The projects include the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone.
Tinubu said the Federal Government would provide the necessary regulatory and institutional support to ensure the projects move from agreements to implementation.
“The agreements before us bring together vision, expertise, capital and execution capacity,” the president said.
“I particularly welcome DP World, one of the world’s leading port and logistics operators. I also acknowledge our financial advisers, Sky Capital, and all the investors and partners whose commitment has brought us to this important stage.”
The proposed deep sea port will be located in Ogun Waterside and is planned to have a four-kilometre berth and an 18-metre draft.
The presidency said the facility would help decongest the Lagos port corridor and reduce pressure on the Apapa and Tin Can Island ports.
It is also expected to accommodate larger vessels and provide an alternative trade and logistics gateway for Nigeria and the wider African market.
The Blue Marine Special Economic Zone is proposed to cover 10,000 hectares and will be integrated with the deep sea port.
According to the presidency, the projects are expected to create more than 50,000 direct jobs when fully developed, in addition to indirect employment opportunities.
Tinubu said the projects would support industrialisation and non-oil exports by enabling companies to process Nigerian raw materials and manufacture finished goods for export.
“Within the zone, imported inputs will be transformed into finished goods, Nigerian raw materials will be processed for export and, most importantly, our young men and women will find dignified, productive and sustainable employment,” he said.
The president said the deep sea port would be critical to the viability of the special economic zone.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” Tinubu said.
He added that the Federal Government would facilitate road, rail and power connectivity to the projects, while working to remove bureaucratic obstacles.
The proposed port is also expected to support Nigeria’s participation in the African Continental Free Trade Area (AfCFTA), giving businesses access to a continental market of about 1.4 billion people.
Tinubu said Nigeria’s maritime trade potential had been constrained by port congestion, inadequate draft capacity and logistics bottlenecks, which have increased the cost of doing business.
He said the Ogun projects would help address some of these challenges while strengthening the country’s position as a maritime and logistics hub.
The president also linked the projects to the Lagos-Calabar Coastal Highway.
He said the 28-kilometre Ogun section of the planned 700-kilometre highway is scheduled for completion before the end of 2026 and would provide a transport connection between the port, the industrial zone, Lagos and the Nigerian hinterland.
The projects are also expected to form part of a wider industrial corridor around the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.
Dapo Abiodun, governor of Ogun, led the state delegation at the signing ceremony.
Other officials present included Adegboyega Oyetola, minister of marine and blue economy; Emmanuel Oke, Nigeria’s ambassador to France; Abubakar Dantsoho, managing director of the Nigerian Ports Authority; and Yuvraj Narayan, group chief executive officer of DP World.
Tinubu urged the Ogun government and investors to proceed with implementation while complying with Nigeria’s laws and regulatory requirements.
