Ogun, DP World sign $7bn port investment deal

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The Ogun State Government and DP World MEA FZE have signed Memoranda of Understanding for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone, with the projects expected to attract more than $7bn in initial investment and create over 50,000 direct jobs.

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President Bola Tinubu witnessed the signing in Paris, France, alongside the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho.

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According to a statement on Thursday by the Special Adviser, Information and Strategy, Ogun State, Kayode Akinmade, the agreements bring together the Federal Government, Ogun State Government, DP World, financial advisers and other private-sector partners in a major investment framework aimed at easing trade bottlenecks, strengthening logistics and expanding Nigeria’s manufacturing and export capacity.

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Speaking on the development, Tinubu said the two projects would address longstanding infrastructure and logistics constraints while creating an integrated platform for industrial production, maritime commerce and access to African and global markets.

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“We are doing more than signing agreements; we are laying the foundation for a new chapter in Nigeria’s development,” Tinubu said.

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The Gateway Deep Sea Port, planned for Ogun Waterside, will feature a four-kilometre berth and an 18-metre draft, positioning it to handle larger vessels, decongest the Lagos port corridor and reduce costs and delays for importers and exporters.

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The port will be integrated with the proposed 10,000-hectare Blue Marine Special Economic Zone, which is expected to support manufacturing, processing and export-oriented industries.

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Tinubu said the zone would enable imported inputs to be converted into finished products and Nigerian raw materials to be processed for export, helping to expand the country’s non-oil export base.

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“A port moves cargo; a port integrated with a special economic zone helps to build an economy,” he said.

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The President said the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway would provide a critical link between the port and industrial zone, Lagos, the Nigerian hinterland and wider African markets.

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He added that the emerging corridor would also connect with other strategic investments, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, strengthening the relationship between maritime infrastructure, industry, energy and trade.

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Tinubu said the projects represented an initial investment of more than $7bn and were projected to generate over 50,000 direct jobs, alongside additional indirect employment opportunities.

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He described the investment as a practical expression of economic diversification and industrialisation under the Renewed Hope Agenda.

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The President commended Ogun State Governor, Dapo Abiodun, for securing the land, structuring the investment framework and reducing project risks for investors.

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He described the development as an example of cooperative federalism, with subnational initiatives receiving federal support. Tinubu assured investors of regulatory clarity and policy stability, promising federal support for road, rail and power connectivity, investment security and the maritime domain.

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He said the Federal Government would hold all parties accountable to their commitments, stressing that the agreements must translate into investments, projects, jobs and economic opportunities.

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Earlier, the Ogun State Governor, Prince Dapo Abiodun, described the signing as a defining moment in the economic history of Ogun State and Nigeria’s engagement with the global economy.

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Abiodun credited President Tinubu with providing the political leadership that had revived the long-standing deep seaport vision for the Ogun coastline, saying the project had remained largely unrealised for more than three decades.

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“It has taken the foresight, courage and dogged leadership of President Bola Tinubu to move it from aspiration to reality,” the governor said.

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He commended Oyetola, the NPA and other federal institutions for their support, saying the project demonstrated the alignment between the Federal Government’s Renewed Hope Agenda and Ogun’s Building Our Future Together agenda.

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Abiodun said the deep seaport was part of a broader strategy to deepen trade, attract investment, improve connectivity and strengthen Nigeria’s maritime economy.

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“Our ambition is not merely to berth ships. We are building a gateway for Ogun and Nigeria’s productive strength to reach Africa and the world,” he said.

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The governor said the project would stimulate small and medium enterprises, strengthen supply chains, expand export capacity, attract foreign direct investment and create opportunities across maritime services, logistics, manufacturing and technology.

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He also highlighted the Blue Marine Special Economic Zone as a platform for capital, technology, innovation and talent, pointing to DP World’s Jebel Ali Free Zone as an example of the potential of integrating ports, logistics and special economic zones.

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Abiodun said the development would form part of a wider multimodal infrastructure network incorporating the Gateway International Airport, dry ports, the coastal highway and the deep seaport.

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“History will judge us not by the elegance of documents signed, but by the transformation that follows. Ceremonies proclaim intentions; only implementation creates prosperity,” the governor said.

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He assured DP World and other partners that Ogun was ready for business, partnership and delivery, while stressing the importance of host-community participation, environmental sustainability and security.

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The signing marks a major step in the revival of Ogun’s long-standing coastal development ambitions and the state’s effort to leverage its strategic location for industrialisation, logistics and international trade.

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