Tinubu assures investors of regulatory clarity, as Ogun signs MoU for $7bn deep sea port

President Bola Tinubu has unveiled a $7 billion investment package aimed at developing the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport, addressing Nigeria's maritime economy and attracting foreign investment.

During a signing ceremony in Paris, President Tinubu emphasized the projects' importance in strengthening Nigeria's maritime sector and creating over 50,000 direct jobs. He highlighted the Federal Government's commitment to providing regulatory clarity, policy stability, and a predictable business environment to support these long-term investments.

The Gateway Deep Seaport, with a 4-kilometer berth and 18-meter draft, will help alleviate congestion in the Lagos port corridor and provide a competitive gateway for trade within Nigeria and the African Continental Free Trade Area. The Ogun State Blue Marine Special Economic Zone will cover 10,000 hectares and integrate with the deep seaport to foster manufacturing, processing, exports, and logistics.

Tinubu assured that the Federal Government would facilitate road, rail, and power connectivity, as well as strengthen investment security and the maritime domain, while removing bureaucratic obstacles. The Ogun section of the Lagos-Calabar Coastal Highway, crucial for the industrial and maritime corridor, is scheduled for completion before the end of the year.

Governor Dapo Abiodun and the Ogun State delegation also participated in the signing ceremony, alongside representatives from DP World, the Nigerian Ports Authority, and SkyKapital. Tinubu urged both Ogun State and investors to maintain momentum and expedite implementation for the projects' successful development.