President Bola Ahmed Tinubu has assured domestic and international investors of the Federal Government’s commitment to regulatory clarity, policy stability and a predictable business environment as Nigeria seeks to attract long-term investment and expand its productive capacity.
Tinubu gave the assurance in Paris, France on Wednesday during the signing of Memoranda of Understanding between the Ogun State Government and global ports and logistics operator DP World for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.
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 at full development, alongside additional indirect employment opportunities and increased non-oil export earnings.
The President said the agreements represented a significant step towards positioning Nigeria as a major hub for maritime trade, logistics, manufacturing and exports, while strengthening the country’s role in regional commerce.
“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,” Tinubu said, while acknowledging financial advisers SkyKapital and other investors and partners involved in the projects.
He pledged federal regulatory and institutional support to ensure that the projects moved from agreements to implementation, while stressing that all parties would be held accountable for their commitments.
The proposed Gateway Deep Seaport at Ogun Waterside will feature a four-kilometre berth and an 18-metre draft, enabling it to accommodate larger vessels and provide an alternative gateway for cargo currently moving through the congested Lagos port corridor.
According to the President, the project is expected to ease pressure on the Apapa and Tin Can Island ports while reducing costs and delays for importers, exporters and consumers.
The deep-water facility is also expected to strengthen Nigeria’s capacity to participate in the African Continental Free Trade Area, providing a trade and logistics gateway to a continental market of about 1.4 billion people.
The Ogun State Blue Marine Special Economic Zone, meanwhile, is proposed to cover 10,000 hectares and will be designed to integrate manufacturing, processing, logistics and export activities around the new port.
Tinubu said the zone was already attracting interest from major global manufacturing and industrial companies, with the planned development aimed at turning imported inputs into finished products and processing Nigerian raw materials 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 described the relationship between the proposed port and economic zone as central to the viability of the overall development.
“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.
He commended Ogun State Governor Dapo Abiodun and the state government for securing the land, structuring the investment framework and reducing project risks for international investors.
Tinubu described the arrangement as an example of “cooperative federalism”, with state-level initiatives supported by federal facilitation.
He said the Federal Government would support road, rail and power connections to the development, strengthen investment security and the maritime domain, and remove unnecessary bureaucratic obstacles while ensuring compliance with Nigerian laws and regulatory requirements.
The President also linked the success of the proposed port and economic zone to the development of the Lagos–Calabar Coastal Highway, particularly the 28-kilometre section traversing Ogun State.
The Ogun section of the planned 700-kilometre coastal highway is scheduled for completion before the end of the year, according to Tinubu, who said it would provide a vital transport connection between the port and zone, Lagos, the Nigerian hinterland and wider African markets.
“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,” he said.
The President further said the developments would form part of a wider strategic industrial and energy corridor close to the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.
He said the corridor would complement Nigeria’s ambitions in energy, gas exports, maritime trade and industrialisation.
“Nigeria lies at the heart of West African trade. Yet, our strategic advantage has been constrained by port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business. These projects respond directly to those constraints,” Tinubu said.
He urged the Ogun State Government and its investment partners to maintain the momentum generated by the signing and move swiftly towards implementation, describing the projects as part of the Federal Government’s broader strategy to diversify the economy and strengthen the maritime sector.
“This is economic diversification made tangible. This is industrialisation made visible,” the President said.
The Ogun State delegation at the Paris signing was led by Governor Abiodun and included Secretary to the State Government Tokunbo Talabi and commissioners overseeing finance, works, industry, trade and investment, and transport, as well as a representative of the host community.
Also present were Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, Nigeria’s Ambassador to France Emmanuel Ayodele Oke, Nigerian Ports Authority Managing Director and Chief Executive Officer Abubakar Dantsoho, DP World Group Chief Executive Officer Yuvraj Narayan, SkyKapital Managing Director and Chief Executive Officer Karim Noujaim and DP World’s Senior Vice-President for Business Development in Sub-Saharan Africa, Mohammed Rashid Ismail.