President Bola Ahmed Tinubu has assured domestic and foreign investors that the Federal Government would continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investment in Nigeria.
The President spoke in Paris, France on Thursday, at the signing of Memoranda of Understanding between the Ogun State Government and DP World, one of the world’s leading ports and logistics operators, to develop the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.
Governor Dapo Abiodun led the Ogun State Government delegation to the signing ceremony. The delegation included the Secretary to the State Government, Tokunbo Talabi, and the Commissioners of Finance, Works, Industry, Trade and Investment, Transport, and a representative of the host community.
Also at the event 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, Group Chief Executive Officer, DP World, Yuvraj Narayan, Managing Director, SkyKapital, Karim Noujaim, and the Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, DP World, Mohammed Rashid Ismail.
“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. I also acknowledge our financial advisers, Sky Capital, and all the investors and partners whose commitment has brought us to this important stage,” the President said.
President Tinubu assured investors that the Federal Government would provide the necessary regulatory and institutional support to move the projects seamlessly from agreements to implementation.
He also stressed that the government would hold all parties accountable for their commitments, describing the agreements as a significant milestone in Nigeria’s efforts to attract foreign direct investment, expand productive capacity and position the country as a major hub for maritime trade, logistics, manufacturing and exports.
The proposed port at Ogun Waterside, with a four-kilometre berth and an 18-metre draft, would help decongest the Lagos port corridor, ease pressure on the Apapa and Tin Can Island ports, and reduce costs and delays for importers, exporters and consumers.
It will accommodate the larger, deeper-draft vessels that support modern global commerce and provide a competitive trade and logistics gateway for the African Continental Free Trade Area, positioning Nigeria to serve a continental market of approximately 1.4 billion people.
Ogun State Blue Marine Special Economic Zone is proposed to be accommodated on 10,000 hectares.
“These agreements envisage an initial investment of more than $7 billion in the Nigerian economy. At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings from Nigerians’ creativity and productivity across the value chain.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action. I commend Governor Dapo Abiodun, and the Government and people of Ogun State, for securing the land, structuring the investment framework and reducing project risks for global investors.
“This is cooperative federalism as envisaged by our Constitution: subnational vision supported by federal facilitation.
“We will facilitate road, rail and power connectivity; strengthen investment security and our maritime domain; and remove unnecessary bureaucratic obstacles,” the President said.
The President said the Ogun State Blue Marine Special Economic Zone is already attracting interest from leading global manufacturing and industrial companies.
“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.
“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.
President Tinubu said the Federal Government would continue to work with Ogun State and other subnational governments to remove unnecessary bottlenecks and facilitate investments that create value for Nigerians, while respecting the country’s laws and regulatory requirements.
He said strengthening the maritime economy remained a key part of the Federal Government’s broader economic diversification strategy and urged the Ogun State Government and investors to sustain the momentum generated by the signing and proceed expeditiously with implementation.
“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.
“This is how modern infrastructure should be delivered: as an integrated ecosystem, operated to world-class standards and supported by a serious and responsible government. This is nation-building in its most practical form.
“The Lagos–Calabar Coastal Highway is central to this corridor’s commercial viability. The 28-kilometre Ogun State section of this 700-kilometre artery, scheduled for completion before the end of this year, will provide a vital transport link for the zone and port.
“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.
“These projects will also anchor a broader strategic corridor near the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, connecting this industrial cluster to our energy and gas-export ambitions,” the President noted.
