President Bola Ahmed Tinubu has backed the development of the proposed Ogun State Deep Seaport and Blue Marine Special Economic Zone, with the projects expected to attract more than 7 billion dollars in initial investment and create over 50,000 direct jobs.
The President gave the assurance in Paris, France, 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 two projects.
President Tinubu assured domestic and foreign investors that the Federal Government would provide regulatory clarity, policy stability and the institutional support needed to move the projects from agreements to implementation.
He said the government would also facilitate road, rail and power connectivity, strengthen investment security and remove unnecessary bureaucratic bottlenecks.
The proposed Gateway Deep Seaport at Ogun Waterside will feature a four-kilometre berth and an 18-metre draft.
According to the President, the port is expected to decongest the Lagos port corridor, ease pressure on Apapa and Tin Can Island ports, and reduce costs and delays for importers, exporters and consumers.
He said the port would also accommodate larger vessels and provide a competitive trade and logistics gateway to markets across the African Continental Free Trade Area.
The Ogun State Blue Marine Special Economic Zone, covering about 10,000 hectares, is expected to support manufacturing, industrial production and non-oil exports.
President Tinubu said the zone was already attracting interest from leading global manufacturing and industrial companies, with imported inputs expected to be transformed into finished goods while Nigerian raw materials would be processed for export.
He described the projects as a practical step towards economic diversification and industrialisation, while commending the Ogun State Government for securing the land and structuring the investment framework.
The President also linked the projects to the Lagos-Calabar Coastal Highway, saying the 28-kilometre Ogun section, scheduled for completion before the end of the year, would provide a vital transport connection to the proposed port and economic zone.
He said the projects would further strengthen Nigeria’s maritime economy and support the country’s ambitions in manufacturing, logistics, exports, energy and gas development.
The agreements were signed in the presence of Ogun State Governor Dapo Abiodun, Minister of Marine and Blue Economy Adegboyega Oyetola, Nigerian Ports Authority Managing Director Abubakar Dantsoho, and senior officials of DP World and SkyKapital.