Kayode Akinmade: $10bn investment puts Ogun, NNPC partnership, project at centre of coastal economy
For more than three decades, the Olokola Liquefied Natural Gas project remained largely a promise on paper. Now, renewed discussions between the Ogun State Government and the Nigerian National Petroleum Company Limited (NNPC) are placing the stalled project at the centre of a broader plan to transform the state’s coastline into an energy, maritime and […] Kayode Akinmade: $10bn investment puts…
After three decades of languishing on paper, the Olokola Liquefied Natural Gas project in Ogun State, Nigeria, is now poised to become a cornerstone of the region's economic transformation. Recent talks between the Ogun State Government and the Nigerian National Petroleum Company Limited (NNPC) have reignited interest in the OGLNG project, positioning it at the heart of a broader vision to revitalize the coastal region.
The State Government recently inked Memoranda of Understanding with DP World for the development of the Gateway Deep Sea Port and the 10,000-hectare Blue Marine Special Economic Zone, investments expected to generate over $10 billion and more than 50,000 direct jobs. With a four-kilometre berth and an 18-metre draft, the port will complement the Blue Marine Special Economic Zone, designed to host manufacturing, processing, logistics, and export-oriented industries.
The renewed focus on OGLNG adds an energy dimension to the emerging coastal corridor, promising an integrated platform where energy, maritime transport, manufacturing, logistics, and international trade synergize. Governor Dapo Abiodun highlighted the project's potential to serve as an energy anchor, meeting the needs of industries around the port and the Blue Marine Special Economic Zone and beyond.
The OGLNG project, which has been on the drawing board for over 30 years, is now gaining momentum following the DP World agreements, signaling a significant convergence of investments in the Ogun Waterside area. Discussions with NNPC officials have centered on practical requirements such as land acquisition, incentives, and other conditions to bring the project to fruition.
The Ogun State Government is prepared to offer support, including land and guarantees, to facilitate the project's launch. The NNPC's readiness to address the challenges that stalled the previous OGLNG project underscores its commitment to reviving the initiative. The proposed development encompasses a substantial land and marine footprint, with the LNG plants requiring approximately 1,728 hectares and a dedicated 2.5 kilometres of Atlantic frontage for marine operations and safety.
This extensive coastal development is poised to benefit from improved road connectivity, with the Ogun section of the Lagos-Calabar Coastal Highway being planned to link the area with Lagos, the Nigerian hinterland, and regional markets.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
