Tinubu witnesses $7bn Ogun Deep Seaport deal in Paris, pledges support for investors

President Bola Tinubu witnessed the signing of significant agreements between the Ogun State Government and DP World in Paris, aimed at developing a deep seaport and special economic zone. The agreements, inked in France, signal an anticipated investment of over $7 billion, with the potential to generate more than 50,000 jobs upon completion.

The Ogun State Governor, Dapo Abiodun, and DP World's CEO, Yuvraj Narayan, were present to sign on behalf of their respective entities. President Tinubu assured investors that the Federal Government will offer regulatory clarity and institutional support to facilitate the projects' transition from agreements to execution. He emphasized that the initiatives align with Nigeria's strategy for economic diversification and positioning as a major maritime trade hub.

The Federal Government will also contribute to the necessary infrastructure developments, such as road, rail, and power systems, while enhancing maritime security and streamlining bureaucratic processes. The Gateway Deep Seaport, positioned at Ogun Waterside, is designed with a four-kilometer berth and an 18-meter draft, accommodating larger vessels and reducing congestion in Lagos' port corridors.

The Blue Marine Special Economic Zone, covering roughly 10,000 hectares, will be a focal point for manufacturing, processing, and export-oriented businesses. Integration of this zone with the deep seaport is expected to bolster Nigeria's value retention from raw materials, bolster non-oil exports, and foster sustainable job creation.

The partnership between the Federal Government and Ogun State exemplifies cooperative federalism, with the state-led project receiving federal backing. Tinubu also highlighted the importance of the Lagos-Calabar Coastal Highway in connecting the port and economic zone to Lagos, Nigeria's economy, and broader African markets.