Tinubu inaugurated $7 billion Ogun deep sea port, blue marine economic zone

President Bola Tinubu has announced an investment package exceeding $7 billion for the proposed Gateway Deep Seaport and Ogun State Blue Sea Special Economic Zone.

The President described the projects as strategic investments that could expand Nigeria’s maritime economy, strengthen industrial activities and attract additional foreign capital.

Tinubu spoke in Paris, France, during the signing of a Memorandum of Understanding between the Ogun State Government and global ports and logistics company, DP World.

According to a statement issued on Thursday by the President’s spokesperson, Bayo Onanuga, the agreement provides a framework for the development of the two major projects.

Tinubu assured investors that his administration will continue to focus on regulatory certainty, policy consistency and a predictable business environment for long-term investments.

“The agreements before us unite vision, expertise, capital and implementation capacity. I very much welcome DP World, one of the world’s leading port and logistics operators,” said the President.

He promised regulatory and institutional support from the Federal Government to ensure that the agreement develops into a real project.

The President said the investment package is expected to inject more than $7 billion into the Nigerian economy and create more than 50,000 direct jobs once the projects are fully operational.

He added that this development would also support non-oil and gas exports and contribute to efforts to diversify the economy.

“This is economic diversification made real. This is industrialization made real. This is New Hope in action,” he said.

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The proposed Gateway Deep Seaport, located at Ogun Waterside, is planned to have a four-kilometre-long jetty and a draft of 18 metres.

This facility is expected to act as an additional maritime gateway, reducing congestion along the Lagos port corridor and reducing pressure on the Apapa and Tin Can Island ports.

Tinubu said the deeper design would allow large vessels to access the facility while strengthening its capacity to serve domestic and regional trade under the African Continental Free Trade Area.

The Blue Sea Special Economic Zone is expected to cover around 10,000 hectares and operate in close integration with the port.

This zone is designed to support manufacturing, processing, export and logistics activities.

“The Inner Gateway Port is critical infrastructure that will support the viability of the zone. A port moves cargo; a port integrated with a special economic zone helps build the economy. Each strengthens the other,” Tinubu said.

He said the Federal Government would support the development of road, rail and power infrastructure serving these projects, while working to improve investment security and remove unnecessary bureaucratic obstacles.

The President identified the Lagos-Calabar Coastal Highway as another important component of the emerging industrial and maritime corridor.

“The Lagos–Calabar Coastal Highway is central to the commercial viability of this corridor,” he said, adding that the 28-kilometer Ogun section of the 700-kilometre highway is scheduled for completion before the end of this year.

Tinubu said the wider corridor would connect the port and industrial zone with other strategic projects, including the proposed Nigerian Naval Operating Base and Shipyard and the OK LNG Project.

He commended Ogun State Governor Dapo Abiodun for facilitating the project by securing land and developing an investment framework.

“I commend Governor Dapo Abiodun and the government and people of Ogun State for securing the land, establishing the investment framework and de-risking the project for global investors,” he said.

Abiodun led the Ogun delegation at the signing ceremony, along with state commissioners and other senior government officials.

Representatives of DP World, Nigerian Ports Authority and SkyKapital also attended the event.

Tinubu called on the Ogun State Government and participating investors to maintain the momentum and move from signing the agreement to implementation.

“Nigeria lies at the heart of West African trade. However, our strategic advantage is hampered by port congestion, inadequate vessel capacity and logistics bottlenecks that increase the cost of doing business. These projects respond directly to these constraints,” he said.