Tinubu Assures Investors of Policy Stability As Ogun, DP World Sign $7bn Deep Seaport Deal in Paris
President Bola Ahmed Tinubu has assured domestic and foreign investors of regulatory clarity and policy stability, as the Ogun State Government signed a Memorandum of Understanding with DP World for the development of the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.
The signing ceremony took place in Paris, France, on Wednesday.
Governor Dapo Abiodun led the Ogun State delegation, which included the Secretary to the State Government, Tokunbo Talabi, Commissioners for Finance, Works, Industry, Trade and Investment, Transport, and a representative of the host community.
Also in attendance were the Minister of Marine and Blue Economy, Adegboyega Oyetola, Nigeria’s Ambassador to France, Emmanuel Ayodele Oke, Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho, Group CEO of DP World, Yuvraj Narayan, Managing Director of SkyKapital, Karim Noujaim, and Senior Vice President, Business Development, Sub-Saharan Africa, DP World, Mohammed Rashid Ismail.
President Tinubu said the Federal Government would provide the necessary regulatory and institutional support to move the projects from agreement to implementation and would hold all parties accountable.
“The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators,” the President said.
According to the President, the projects are 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 port at Ogun Waterside will have a four-kilometre berth and an 18-metre draft to accommodate larger, deeper-draft vessels. The facility is designed to decongest the Lagos corridor, ease pressure on Apapa and Tin Can Island ports, and provide a competitive gateway for the African Continental Free Trade Area, which covers about 1.4 billion people.
The Blue Marine Special Economic Zone will sit on 10,000 hectares.
Tinubu disclosed that the agreements envisage an initial investment of more than $7 billion, with over 50,000 direct jobs projected at full development, plus substantial indirect jobs and non-oil export earnings.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” he said, commending Governor Abiodun for securing land and structuring the investment framework.
The President said the development reflects cooperative federalism, with subnational vision supported by federal facilitation in road, rail and power connectivity, investment security and removal of bureaucratic obstacles.
He said the economic zone is already attracting interest from global manufacturing companies, where imported inputs will be transformed into finished goods and Nigerian raw materials processed for export.
“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,” Tinubu said.
He noted that Nigeria’s strategic advantage in West African trade has been constrained by port congestion and logistics bottlenecks, which the projects would address.
The President also linked the corridor to the 700-kilometre Lagos-Calabar Coastal Highway, stating that the 28-kilometre Ogun State section scheduled for completion before the end of the year would provide a vital transport link for the zone and port.
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, connecting the industrial cluster to the country’s energy and gas-export ambitions.
