President Bola Ahmed Tinubu has assured domestic and international investors of the Federal Government’s commitment to regulatory clarity, policy stability and a predictable business environment as Nigeria seeks to attract long-term investment and expand its productive capacity.
Tinubu gave the assurance in Paris, France on Wednesday during the signing of Memoranda of Understanding between the Ogun State Government and global ports and logistics operator DP World for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.
The agreements envisage an initial investment of more than $7 billion in the Nigerian economy, with the projects projected to create more than 50,000 direct jobs at full development, alongside additional indirect employment opportunities and increased non-oil export earnings.
The President said the agreements represented a significant step towards positioning Nigeria as a major hub for maritime trade, logistics, manufacturing and exports, while strengthening the country’s role in regional commerce. “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,” Tinubu said, while acknowledging financial advisers SkyKapital and other investors and partners involved in the projects. He pledged federal regulatory and institutional support to ensure that the projects moved from agreements to implementation, while stressing that all parties would be held accountable for their commitments.
The proposed Gateway Deep Seaport at Ogun Waterside will feature a four-kilometre berth and an 18-metre draft, enabling it to accommodate larger vessels and provide an alternative gateway for cargo currently moving through the congested Lagos port corridor. According to the President, the project is expected to ease pressure on the Apapa and Tin Can Island ports while reducing costs and delays for importers, exporters and consumers.
The deep-water facility is also expected to strengthen Nigeria’s capacity to participate in the African Continental Free Trade Area, providing a trade and logistics gateway to a continental market of about 1.4 billion people. The Ogun State Blue Marine Special Economic Zone, meanwhile, is proposed to cover 10,000 hectares and will be designed to integrate manufacturing, processing, logistics and export activities around the new port.
Tinubu said the zone was already attracting interest from major global manufacturing and industrial companies, with the planned development aimed at turning imported inputs into finished products and processing Nigerian raw materials for export. “Within the zone, imported inputs will be transformed into finished goods, Nigerian raw materials will be processed for export and, most importantly, our young men and women will find dignified, productive and sustainable employment,” he said.