By Abubakar Yunusa
President Bola Tinubu has assured domestic and foreign investors of regulatory clarity, policy stability and a predictable business environment as Ogun State and global ports operator, DP World, signed agreements for the development of the Gateway Deep Seaport and Ogun State Blue Marine Special Economic Zone.
The agreements, signed in Paris, France, are expected to attract an initial investment of more than $7bn and create over 50,000 direct jobs when the projects are fully developed.
The President, who spoke at the signing ceremony, said the Federal Government would provide the regulatory and institutional support required to move the projects from agreements to implementation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Thursday.
Governor Dapo Abiodun led the Ogun State delegation to the ceremony.
The delegation included the Secretary to the State Government, Tokunbo Talabi, and commissioners responsible for 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; and the Managing Director and Chief Executive Officer of the Nigerian Ports Authority, Dr Abubakar Dantsoho.
DP World’s Group Chief Executive Officer, Yuvraj Narayan; Managing Director of SkyKapital, Karim Noujaim; and DP World’s Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, Mohammed Rashid Ismail, were also at the event.
“The agreements before us bring together vision, expertise, capital and execution capacity,” Tinubu said.
He welcomed DP World, describing it as one of the world’s leading port and logistics operators, while acknowledging Sky Capital and other investors and partners involved in the project.
Tinubu said the Federal Government would provide the necessary regulatory and institutional support to ensure that the projects moved seamlessly from agreements to implementation.
He added that all parties would be held accountable for their commitments.
According to him, the projects represent a major step in efforts to attract foreign direct investment, expand productive capacity and position Nigeria as a major 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.
The President said the facility would help decongest the Lagos port corridor and ease pressure on the Apapa and Tin Can Island ports.
It is also expected to reduce costs and delays for importers, exporters and consumers while accommodating larger vessels with deeper drafts.
Tinubu said the port would provide a competitive trade and logistics gateway for the African Continental Free Trade Area, giving Nigeria greater capacity to serve a continental market of about 1.4 billion people.
The Ogun State Blue Marine Special Economic Zone is proposed to cover 10,000 hectares.
The President said the combined projects were projected to create more than 50,000 direct jobs at full development, alongside additional indirect employment opportunities.
He also said the investments would generate non-oil export earnings through activities across the value chain.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” Tinubu said.
He commended Abiodun and the Ogun State Government for securing the land, structuring the investment framework and reducing project risks for investors.
Tinubu described the arrangement as “cooperative federalism” in which subnational initiatives receive federal support.
“We will facilitate road, rail and power connectivity; strengthen investment security and our maritime domain; and remove unnecessary bureaucratic obstacles,” he said.
The President disclosed that the Blue Marine Special Economic Zone was already attracting interest from major global manufacturing and industrial companies.
He said imported inputs would be transformed into finished products within the zone, while Nigerian raw materials would be processed for export.
“Most importantly, our young men and women will find dignified, productive and sustainable employment,” he said.
Tinubu described the Gateway Deep Seaport as critical infrastructure for the viability of the economic zone.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” he said.
The President said the Federal Government would continue to work with Ogun State and other subnational governments to remove bottlenecks and facilitate investments while ensuring compliance with Nigerian laws and regulations.
He said strengthening the maritime economy remained central to the administration’s economic diversification strategy.
Tinubu also urged the Ogun State Government and investors to sustain the momentum generated by the signing and move quickly towards implementation.
He said Nigeria’s strategic position in West African trade had been constrained by port congestion, inadequate draft capacity and logistics bottlenecks.
“These projects respond directly to those constraints,” the President said.
He further linked the success of the projects to the Lagos-Calabar Coastal Highway, particularly the 28-kilometre Ogun section of the 700-kilometre highway.
According to him, the Ogun section, scheduled for completion before the end of the year, will provide a vital transport connection to the proposed port and economic zone.
“Without it, the coastline would have remained rich in potential but without access. With it, the zone and port will connect more effectively to Lagos, the Nigerian hinterland and markets across the African continent,” Tinubu said.
He added that the projects would anchor a wider strategic corridor around the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.
The President said the corridor would also connect the industrial cluster to Nigeria’s energy and gas-export ambitions.
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