Ogun, DP World sign $7bn-plus MoUs for Deep Seaport, Blue Marine SEZ
Ogun State and DP World Join Forces for Major Development Projects
The Ogun State Government has partnered with DP World MEA FZE to develop two significant projects: the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone. These initiatives are projected to attract over $7 billion in initial investments and create more than 50,000 direct jobs.
The signing of the Memoranda of Understanding (MoUs) took place in Paris, France, with President Bola Ahmed Tinubu in attendance, along with the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Director-General of the Nigerian Ports Authority, Dr. Abubakar Dantsoho.
These agreements unify efforts from the Federal Government, the Ogun State Government, DP World, and various private-sector partners within a comprehensive investment framework. The primary aim is to alleviate trade bottlenecks and enhance logistics while expanding Nigeria’s manufacturing and exporting capabilities.
Tinubu highlighted the potential of these projects to resolve longstanding infrastructure and logistical challenges, stating that they would create an integrated platform for industrial production and maritime commerce, providing access to both African and global markets.
“We are doing more than signing agreements; we are laying the foundation for a new chapter in Nigeria’s development,” the President remarked.
The Gateway Deep Sea Port will be situated in Ogun Waterside and designed to accommodate larger vessels, featuring a four-kilometre berth and an 18-metre draft. This development aims to ease congestion in the Lagos port corridor, potentially lowering costs and delays for importers and exporters.
Adjacent to the port, the 10,000-hectare Blue Marine Special Economic Zone will focus on supporting manufacturing, processing, and export-oriented industries. Tinubu emphasized the zone’s role in transforming imported materials into finished products for export, thus broadening Nigeria’s non-oil export base.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy,” he stated.
The President also referenced the importance of the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway, which will link the port with industrial zones, Lagos, and broader African markets. Further strategic investments, including the proposed Nigerian Navy Operating Base and Dockyard, as well as the OK LNG Project, are expected to enhance the connection between maritime infrastructure, industry, energy, and trade.
With an anticipated total investment exceeding $7 billion, the projects are expected to generate a multitude of direct and indirect job opportunities. This investment has been described as a key aspect of Nigeria’s economic diversification and industrialization under the Renewed Hope Agenda.
Tinubu praised Ogun State Governor Dapo Abiodun for securing the land necessary for the projects and streamlining the investment framework to minimize risks for investors. He characterized the initiative as an example of cooperative federalism, with federal support backing subnational efforts.
The Governor, in his remarks, described the signing as a defining moment for Ogun State’s economic future and Nigeria’s engagement with the global economy. He attributed the revival of the deep seaport vision to Tinubu’s leadership, noting that the project had been unrealized for over three decades.
“History will judge us not by the elegance of documents signed, but by the transformation that follows. Ceremonies proclaim intentions; only implementation creates prosperity,” Abiodun stated.
The projects are expected to facilitate small and medium-sized enterprises (SMEs), enhance supply chains, and attract foreign direct investment while creating opportunities across various sectors including maritime services, logistics, and technology.
Abiodun underscored the significance of the Blue Marine Special Economic Zone as a hub for capital, technology, innovation, and talent, drawing comparisons to DP World’s successful Jebel Ali Free Zone.
The signing of these MoUs marks a significant advancement in Ogun State’s long-term coastal development goals and the pursuit of leveraging its strategic location for enhanced industrialization and international trade.
