DEEP SEA PORT: Tinubu assures investors of regulatory clarity as Ogun, DP World sign $7bn MoUs

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PARIS — President Bola Ahmed Tinubu has assured investors of regulatory clarity, policy stability and a predictable business environment as the Ogun State Government and DP World signed memoranda of understanding, MoUs, for the development of major port and industrial projects estimated at over $7 billion.

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The MoUs, signed in Paris on Thursday, cover the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.

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Tinubu, who witnessed the signing ceremony, said the Federal Government would continue to create the conditions necessary for investors to commit long-term capital to Nigeria.

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According to the President, the government is committed to providing regulatory certainty and removing bottlenecks that could hinder the implementation of major investments.

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The Ogun State delegation was led by Governor Dapo Abiodun, while representatives of DP World and other stakeholders also attended the ceremony.

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The proposed Gateway Deep Seaport is expected to feature a four-kilometre berth and an 18-metre draft, with the capacity to handle large vessels and support increased maritime and commercial activities.

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The project is also expected to provide an alternative gateway for cargoes currently passing through Lagos ports, potentially reducing pressure on the Apapa and Tin Can Island port corridors.

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The Blue Marine Special Economic Zone, covering about 10,000 hectares, is designed to attract manufacturing, logistics and other industrial investments and promote value addition.

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The projects are projected to generate more than 50,000 direct jobs, alongside additional indirect employment opportunities.

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Tinubu said the investments aligned with the Federal Government’s efforts to diversify the economy, strengthen infrastructure and position Nigeria as a major destination for international capital.

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He said the Federal Government would facilitate the provision of supporting infrastructure, including road, rail and power connections, while also strengthening maritime security and reducing bureaucratic bottlenecks.

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The President also highlighted the importance of linking the projects with existing and planned transport infrastructure, including the Ogun section of the Lagos-Calabar Coastal Highway.

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The proposed developments are expected to complement other planned infrastructure in the area, including maritime and energy facilities.

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Governor Abiodun said the projects would deepen Ogun’s industrialisation drive and strengthen the state’s position as a major investment destination.

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The Ogun Government said the Blue Marine Special Economic Zone would provide an integrated platform for manufacturers and other businesses seeking to establish operations close to major transportation and maritime infrastructure.

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The proposed Gateway Deep Seaport is also expected to expand Nigeria’s maritime capacity, improve logistics and support the movement of goods into and out of the country.

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The agreements form part of efforts by the Ogun State Government and its international partners to attract large-scale private investment into infrastructure, manufacturing and logistics.

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The Federal Government is expected to work with the state government and investors to facilitate the necessary approvals and infrastructure required for the implementation of the projects.

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