The Ogun State Government has signed a Memoranda of Understanding with DP World, one of the world’s leading ports and logistics operators, to develop the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.
The agreement was signed in paris with representatives of the Ogun State government led by the state Governor Dapo Abiodun as well as president Tinubu and some other members of the Federal Executive council present.
“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. I also acknowledge our financial advisers, Sky Capital, and all the investors and partners whose commitment has brought us to this important stage,” President Tinubu said.
President Tinubu further assured investors that the Federal Government would provide the necessary regulatory and institutional support to move the projects seamlessly from agreements to implementation.
Proposed Ogun Seaport
The proposed port at Ogun Waterside, with a four-kilometre berth and an 18-metre draft, would help decongest the Lagos port corridor, ease pressure on the Apapa and Tin Can Island ports, and reduce costs and delays for importers, exporters and consumers.
It will accommodate the larger, deeper-draft vessels that support modern global commerce and provide a competitive trade and logistics gateway for the African Continental Free Trade Area, positioning Nigeria to serve a continental market of approximately 1.4 billion people.
Ogun State Blue Marine Special Economic Zone is proposed to be accommodated on 10,000 hectares.
“These agreements envisage an initial investment of more than $7 billion in the Nigerian economy. At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings from Nigerians’ creativity and productivity across the value chain.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action. I commend Governor Dapo Abiodun and the government and people of Ogun State for securing the land, structuring the investment framework and reducing project risks for global investors.” President Tinubu said.
