President Bola Tinubu announced on Thursday, September 24, that two major infrastructure projects in Ogun State are expected to attract over $7 billion in initial investment and generate more than 50,000 direct jobs when fully developed. The announcement was made in Paris, France, during the signing of memoranda of understanding between the Ogun State Government and DP World, a global ports and logistics company, covering the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.
Agreements Envisage $7 Billion Initial Investment
Speaking at the signing ceremony, Tinubu said, "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."
Gateway Deep Seaport: Key Details
The proposed Gateway Deep Seaport, to be built at Ogun Waterside, will feature a four-kilometre berth and an 18-metre draft, allowing it to handle larger vessels central to modern global shipping. Tinubu said the facility would ease congestion at the Apapa and Tin Can Island ports in Lagos, cutting costs and delays for importers and exporters. He also described it as a potential gateway for Nigeria's participation in the African Continental Free Trade Area, which covers a market of about 1.4 billion people.
The 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway, which Tinubu said is due for completion before the end of the year, will serve as a key transport link connecting the port and economic zone to Lagos and broader Nigerian markets.
Economic Zone and Wider Industrial Ambitions
The Ogun State Blue Marine Special Economic Zone is planned to span 10,000 hectares. Tinubu said the zone would allow imported inputs to be processed into finished goods and Nigerian raw materials to be prepared for export. He added that the zone was already drawing interest from major international manufacturing and industrial firms.
"A port moves cargo, but a port integrated with a special economic zone helps to build an economy. Each reinforces the other," Tinubu said. He promised that the federal government would provide road, rail and power connectivity, strengthen investment security, and remove bureaucratic barriers to speed up implementation.
Ogun State Governor Dapo Abiodun led the state's delegation at the signing, alongside the Secretary to the State Government, Tokunbo Talabi, and several commissioners. Senior figures present included Marine and Blue Economy Minister Adegboyega Oyetola, Nigerian Ports Authority Managing Director Abubakar Dantsoho, and DP World Group Chief Executive Officer Yuvraj Narayan. SkyKapital Managing Director Karim Noujaim and DP World's Senior Vice President for Sub-Saharan Africa Business Development, Mohammed Rashid Ismail, also attended.
Tinubu commended Ogun State for securing the land and building the investment framework, calling the arrangement a model of cooperative federalism between a state government and federal institutions.
