By Chesa Chesa
President Bola Ahmed Tinubu has assured domestic and foreign investors of the Federal Government’s commitment to regulatory clarity, policy stability and a predictable business environment to support long-term investments in Nigeria.
Tinubu gave the assurance in Paris, France, on Thursday at the signing of Memoranda of Understanding between the Ogun State Government and DP World for the development of the Ogun State Blue Marine Special Economic Zone and Gateway Deep Seaport.
The agreements envisage an initial investment of more than $7 billion, with the projects projected to create over 50,000 direct jobs and generate additional indirect employment opportunities and non-oil export earnings.
The President said the agreements brought together capital, expertise and execution capacity, describing DP World as one of the world’s leading port and logistics operators.
He also acknowledged the role of Sky Capital as financial adviser and other investors and partners involved in the projects.
Tinubu assured investors that the Federal Government would provide the regulatory and institutional support required to move the projects from agreements to implementation, while holding all parties accountable for their commitments.
He described the agreements as a major step towards attracting foreign direct investment, expanding productive capacity and positioning Nigeria as a hub for maritime trade, logistics, manufacturing and exports.
The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft, enabling it to accommodate larger vessels and helping to decongest the Lagos port corridor.
According to the President, the port will ease pressure on the Apapa and Tin Can Island ports while reducing costs and delays for importers, exporters and consumers.
He said the facility would also provide a competitive gateway to the African Continental Free Trade Area, giving Nigeria greater access to a continental market of about 1.4 billion people.
The proposed Ogun State Blue Marine Special Economic Zone will occupy about 10,000 hectares.
Tinubu said the zone was already attracting interest from global manufacturing and industrial companies, with the expectation that imported inputs would be transformed into finished products, while Nigerian raw materials would be processed for export.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” the President said.
He commended Ogun State Governor Dapo Abiodun for securing the land, structuring the investment framework and reducing project risks for international investors.
“This is cooperative federalism as envisaged by our Constitution: subnational vision supported by federal facilitation,” he said.
Tinubu said the Federal Government would facilitate road, rail and power connectivity, strengthen investment security and the maritime domain, and remove unnecessary bureaucratic obstacles.
He described the Gateway Deep Seaport as critical infrastructure for the viability of the special economic zone, saying an integrated port and industrial zone could generate wider economic activity beyond cargo movement.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” he said.
The President also linked the projects to the development of the Lagos-Calabar Coastal Highway, particularly its 28-kilometre Ogun section, which he said was scheduled for completion before the end of the year.
He said the highway would provide an important transport connection between the port and zone, Lagos, the Nigerian hinterland and markets across Africa.
Tinubu further said the projects would anchor a broader strategic corridor near the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, linking the industrial cluster with Nigeria’s energy and gas-export ambitions.
“Nigeria lies at the heart of West African trade. Yet, our strategic advantage has been constrained by port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business. These projects respond directly to those constraints,” he said.
The President urged the Ogun State Government, DP World and other investors to sustain the momentum generated by the MoU signing and proceed expeditiously with implementation.
Governor Abiodun led the Ogun delegation to the ceremony, which included Secretary to the State Government Tokunbo Talabi and commissioners responsible for finance, works, industry, trade and investment, and transport, as well as a representative of the host community.
Also present were the Minister of Marine and Blue Economy, Adegboyega Oyetola; Nigeria’s Ambassador to France, Emmanuel Ayodele Oke; Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho; DP World Group CEO, Yuvraj Narayan; SkyKapital Managing Director, Karim Noujaim; and DP World’s Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, Mohammed Rashid Ismail.
Tinubu woos investors in Paris as Ogun, DP World sign $7bn port, SEZ MoUs
