JamzNG Latest News, Gist, Entertainment in Nigeria
L-R: Yuvraj Narayan, Group Chief Executive Officer, DP World and Ogun State Governor, Prince Dapo Abiodun, at the signing of the over $7 billion MoU for the Gateway Deep Sea Port and Blue Marine Special Economic Zone in Paris, France. Thursday 24 September 2026.
President Bola Tinubu has assured domestic and foreign investors that the Federal Government will continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investment in Nigeria.
The President was speaking in Paris, France, at the signing of the Memorandum of Understanding between the Ogun State Government and DP World, one of the world’s leading port 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, Commissioners for Finance, Works, Industry, Trade and Investment, Transport and a representative of the host community.
Also present at the event were the Minister of Marine and Blue Economy, Adegboyega Oyetola, the Ambassador of Nigeria to France, Emmanuel Ayodele Oke, Managing Director and Chief Executive Officer, Nigerian Ports Authority, Dr Abubakar Dantsoho, Group Managing Director, DP World, Yuvraj Narayan, Managing Director, SkyKapital, Karim Noujaim, and Senior Vice President, Business Development, Regional Office for Sub-Saharan Africa, DP World, Mohammed Rashid. Ismail.
“The deals before us bring together vision, experience, capital and execution. I particularly welcome DP World, one of the world’s leading port and logistics operators. I also recognize our financial advisors, Sky Capital, and all the investors and partners whose commitment has brought us to this important stage,” said the President.
President Tinubu assured investors that the Federal Government will provide the necessary regulatory and institutional support to smoothly transition projects from agreements to implementation.
He further stressed that the government will hold all parties accountable to their commitments, describing the agreements as a significant milestone in Nigeria’s efforts to attract foreign direct investment, expand production 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 18-metre draft, would help decongest the Lagos port corridor, ease pressure on the ports of Apapa and Tin Can Island and reduce costs and delays for importers, exporters and consumers.
It will accommodate the largest, deepest-draft vessels that support modern global trade and provide a competitive trade and logistics gateway to the African Continental Free Trade Area, positioning Nigeria to serve a continental market of approximately 1.4 billion people.
The Ogun State Blue Marine Special Economic Zone is proposed to be hosted on 10,000 hectares.
“These agreements provide an initial investment of more than $7 billion into the Nigerian economy. At full development, the projects are expected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings through the creativity and productivity of Nigerians across the value chain.
“This is economic diversification made tangible. This is industrialization made visible. This is renewed hope in action. I commend Governor Dapo Abiodun, the government and people of Ogun State, for securing the land, structuring the investment framework and de-risking projects for global investors.
“This is the cooperative federalism envisaged by our Constitution: a subnational vision supported by federal benefits.
“We will facilitate road, rail and electricity connectivity; we will strengthen investment security and our maritime domain; and we will eliminate unnecessary bureaucratic hurdles,” the President said.
The President said the Blue Marine Special Economic Zone in Ogun State is already attracting interest from major global manufacturing and industrial companies.
“Within the zone, imported inputs will be transformed into finished products, 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 vitality of the area. A port moves goods; a port integrated with a special economic zone helps build an economy. Each strengthens the other,” he said.
President Tinubu said the Federal Government will continue to work with Ogun State and other sub-national governments to remove unnecessary bottlenecks and facilitate investments that create value for Nigerians, while complying with the country’s laws and regulatory requirements.
He said strengthening the maritime economy remains 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 is at the center of West Africa’s trade. However, our strategic advantage has been limited by port congestion, inadequate draft capacity and logistical bottlenecks that increase the costs of doing business. These projects respond directly to those constraints.
“This is how modern infrastructure should be delivered: as an integrated ecosystem, managed to world-class standards and supported by a serious and responsible government. This is nation-building at its most practical.
“The Lagos-Calabar Coastal Highway is critical to the commercial vitality of this corridor. Ogun State’s 28-kilometre section of this 700-kilometre artery, scheduled for completion by the end of this year, will provide a vital transport link to the area and the port.
“Without it, the coast would be left full of potential but without access. With it, the area 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 close to the proposed Nigerian Navy operating base and shipyard and the OK LNG project, linking this industrial cluster to our energy and gas export ambitions,” the President noted.
Post views:
186
