By Our Correspondent
The Ogun State Government and global ports and logistics operator, DP World, have signed Memoranda of Understanding (MoUs) for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone, with an initial investment of more than $7 billion expected to flow into the Nigerian economy. The projects are also projected to create over 50,000 direct jobs when fully developed.
The agreements were signed in Paris, France, in the presence of President Bola Tinubu, who was accompanied by the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Managing Director and Chief Executive Officer of the Nigerian Ports Authority, Dr Abubakar Dantsoho. Tinubu assured investors of regulatory clarity, policy stability and a predictable business environment to support the projects.
The proposed Gateway Deep Sea Port at Ogun Waterside will feature a four-kilometre berth and an 18-metre draft, enabling it to handle larger vessels. The facility is expected to provide an alternative gateway to Nigeria, ease pressure on the Lagos port corridor, and reduce costs and delays for importers and exporters.
The port will be integrated with the proposed 10,000-hectare Blue Marine Special Economic Zone, which is planned to accommodate manufacturing, processing, warehousing and export-oriented businesses. Tinubu said the integrated development would help expand Nigeria’s productive capacity and strengthen its non-oil export base.
“We are doing more than signing agreements; we are laying the foundation for a new chapter in Nigeria’s development,” Tinubu said, describing the projects as a practical step towards economic diversification and industrialisation.
The President added: “A port moves cargo; a port integrated with a special economic zone helps to build an economy.” He said the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway would provide a vital link between the port, industrial zone, Lagos, the Nigerian hinterland and wider African markets.
With additional reports from Business Insider