Tinubu Assures Investors of Stable Policies as Ogun, DP World Sign $7bn Port, SEZ Agreements
Tinubu Assures Investors of Stable Policies as Ogun, DP World Sign $7bn Port, SEZ Agreements
Tinubu Assures Investors of Stable Policies as Ogun, DP World Sign $7bn Port, SEZ Agreements
President Bola Ahmed Tinubu has assured domestic and foreign investors of the Federal Government’s commitment to providing regulatory clarity, policy stability and a predictable business environment to support long-term investments in Nigeria.
The President spoke in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World, one of the world’s leading ports and logistics operators, 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, which included the Secretary to the State Government, Tokunbo Talabi, Commissioners of Finance, Works, Industry, Trade and Investment, and Transport, as well as 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; DP World Group Chief Executive Officer, Yuvraj Narayan; Managing Director of SkyKapital, Karim Noujaim; and DP World Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, Mohammed Rashid Ismail.
President Tinubu described the agreements as a convergence of vision, expertise, capital and execution capacity, while welcoming DP World and acknowledging the financial advisers and other investors involved in the projects.
He assured investors that the Federal Government would provide the necessary regulatory and institutional support to ensure a smooth transition from agreements to implementation.
The President also said all parties would be held accountable for their commitments, describing the projects as a major step towards attracting foreign direct investment, expanding productive capacity and positioning Nigeria as a hub for maritime trade, logistics, manufacturing and exports.
The proposed Gateway Deep Seaport at Ogun Waterside will feature a four-kilometre berth and an 18-metre draft. The port is expected to help decongest the Lagos port corridor, reduce pressure on the Apapa and Tin Can Island ports, and lower costs and delays for importers, exporters and consumers.
According to the President, the deeper draft will enable the port to accommodate larger vessels involved in modern global commerce while providing a competitive trade and logistics gateway to the African Continental Free Trade Area market.
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 Nigeria, with the projects projected to create more than 50,000 direct jobs at full development, alongside additional indirect employment opportunities and increased non-oil export earnings.
He commended Governor Abiodun and the Ogun State Government for securing the land, structuring the investment framework and reducing project risks for investors, describing the arrangement as an example of cooperation between the Federal Government and subnational governments.
“We will facilitate road, rail and power connectivity; strengthen investment security and our maritime domain; and remove unnecessary bureaucratic obstacles,” the President said.
Tinubu added that the Blue Marine Special Economic Zone was already attracting interest from global manufacturing and industrial companies, with the zone expected to support the transformation of imported inputs and Nigerian raw materials into finished products for domestic and export markets.
He described the Gateway Deep Seaport as critical infrastructure for the viability of the special economic zone, noting that an integrated port and industrial zone could strengthen economic activity and create value across the supply chain.
The President said the Federal Government would continue working with Ogun State and other subnational governments to remove bottlenecks and facilitate investments that create value for Nigerians, while ensuring compliance with existing laws and regulatory requirements.
He identified the development of the maritime economy as an important component of the Federal Government’s broader economic diversification strategy and urged the Ogun State Government and investors to sustain the momentum and move quickly towards implementation.
Tinubu further noted that Nigeria’s strategic position in West African trade had been constrained by port congestion, inadequate draft capacity and logistics challenges, saying the proposed projects were designed to address some of these constraints.
He also highlighted the Lagos–Calabar Coastal Highway as a key component of the emerging economic corridor, noting that the 28-kilometre Ogun section of the 700-kilometre highway is scheduled for completion before the end of the year and would provide an important transport link to the proposed port and industrial zone.
According to the President, the projects will also support a wider strategic corridor connecting 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.
The statement was signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
Tinubu Assures Investors of Stable Policies as Ogun, DP World Sign $7bn Port, SEZ Agreements
