The Ogun State Government and DP World MEA FZE have signed Memoranda of Understanding (MoUs) for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone, in a deal expected to attract more than $7 billion in initial investment.
The projects are also projected to create more than 50,000 direct jobs.
The agreements were signed in Paris, France, on Thursday, September 24, with President Bola Ahmed Tinubu witnessing the ceremony alongside Minister of Marine and Blue Economy Adegboyega Oyetola and Nigerian Ports Authority Director-General Abubakar Dantsoho.
According to Channels Television, the agreements bring together the Federal Government, Ogun State Government, DP World, financial advisers and other private-sector partners to address trade and logistics constraints while expanding Nigeria’s manufacturing and export capacity.
The proposed Gateway Deep Sea Port in Ogun Waterside will have a four-kilometre berth and an 18-metre draft. The facilities are planned to accommodate larger vessels, help decongest the Lagos port corridor and reduce costs and delays for importers and exporters.
The port will be integrated with the proposed 10,000-hectare Blue Marine Special Economic Zone, which is expected to support manufacturing, processing and export-oriented industries.
Tinubu said the projects would provide an integrated platform connecting maritime commerce with industrial production and access to African and global markets.
The President also highlighted the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway as a key transport link between the port, industrial zone, Lagos, the Nigerian hinterland and wider African markets.
The emerging corridor is also expected to connect with strategic projects, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.
Tinubu assured investors of regulatory clarity and policy stability, while promising federal support for road, rail and power connectivity, investment security and the maritime sector.
Ogun State Governor Dapo Abiodun said the deep seaport formed part of a wider plan to strengthen trade, attract investment, improve connectivity and expand the state’s maritime economy.
He said the project would create opportunities across maritime services, logistics, manufacturing and technology, while the Blue Marine Special Economic Zone would provide a platform for investment, technology and industrial development.
The development is part of Ogun State’s broader multimodal infrastructure plans, which include the Gateway International Airport, dry ports, the coastal highway and the deep seaport.
The MoUs mark a significant step in the revival of Ogun’s long-standing plans for coastal infrastructure, although the projects will ultimately depend on implementation of the agreements and development plans.
