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 more long-term investments into critical sectors of the economy.
The President gave the assurance in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport. The agreements are expected to attract an initial investment of more than $7 billion into the Nigerian economy.
Speaking at the ceremony, President Tinubu said the agreements represented a convergence of investment, expertise and execution capacity, while commending DP World and other partners for their commitment to the projects.
“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,” he said.
According to the President, the projects are projected to create more than 50,000 direct jobs at full development, alongside additional indirect employment opportunities and increased non-oil export earnings.
He described the initiative as a practical demonstration of economic diversification and industrialisation, commending Ogun State Governor Dapo Abiodun for securing the land and creating an investment framework capable of reducing risks for global investors.
President Tinubu said the proposed Gateway Deep Seaport at Ogun Waterside, with a four-kilometre berth and an 18-metre draft, would help decongest the Lagos port corridor and reduce pressure on the Apapa and Tin Can Island ports.
He added that the facility would accommodate larger vessels and provide a competitive gateway for trade under the African Continental Free Trade Area, potentially connecting Nigerian producers to a continental market of about 1.4 billion people.
The Ogun State Blue Marine Special Economic Zone, proposed to cover 10,000 hectares, is also expected to attract major manufacturing and industrial companies. President Tinubu said the zone would facilitate the transformation of imported inputs into finished products, processing of Nigerian raw materials for export and the creation of sustainable employment for young Nigerians.
“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.
The President further pledged federal support for road, rail and power connectivity, investment security and maritime infrastructure, while promising to eliminate unnecessary bureaucratic obstacles.
He stated that the Federal Government would also ensure accountability among all parties to the agreements and work with Ogun State and other subnational governments to facilitate investments in accordance with Nigeria’s laws and regulatory requirements.
On the wider economic significance of the projects, President Tinubu said Nigeria’s strategic position in West African trade had been constrained by port congestion, inadequate draft capacity and logistics bottlenecks.
He noted that the Lagos-Calabar Coastal Highway, particularly its 28-kilometre Ogun section, would provide a vital transport connection to the proposed port and industrial zone, linking them more effectively with Lagos, the Nigerian hinterland and markets across Africa.
He said the projects would also form part of a broader strategic industrial and energy corridor connecting the area to the proposed Nigerian Navy Operating Base and Dockyard as well as the OK LNG Project.
“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 President stated.