“This Is Economic Diversification Made Tangible” — Tinubu Backs $7bn Ogun Port, Economic Zone Deal

BY TAIBAT UMMI YAKUBU

President Bola Ahmed Tinubu has pledged a stable and investor-friendly business climate as Nigeria moves to secure more than $7 billion in fresh investments tied to two major infrastructure and industrial projects in Ogun State.

The assurance came on Thursday in Paris, France, where the Ogun State Government and global logistics giant DP World signed a series of agreements aimed at developing the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.

Speaking at the signing ceremony, Tinubu said the Federal Government would provide the policy consistency, regulatory certainty and institutional support needed to transform the agreements into fully operational projects.

“The agreements before us bring together vision, expertise, capital and execution capacity,” the President said, describing the development as a major vote of confidence in Nigeria’s economy and future growth prospects.

The projects are expected to attract an initial investment exceeding $7 billion and could generate more than 50,000 direct jobs when fully developed, alongside thousands of additional opportunities across manufacturing, logistics, trade and related sectors.

“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” Tinubu declared.

At the centre of the initiative is the proposed Gateway Deep Seaport, which will be located in Ogun Waterside Local Government Area. The facility is designed with a four-kilometre berth and an 18-metre draft, allowing it to receive larger cargo vessels that currently face limitations at some existing Nigerian ports.

Government officials believe the new port will help ease congestion around the Lagos port corridor, reduce pressure on Apapa and Tin Can Island ports and improve the movement of goods into and out of the country.

The project is also expected to strengthen Nigeria’s position as a key trade gateway under the African Continental Free Trade Area (AfCFTA).

Complementing the seaport is the proposed Ogun State Blue Marine Special Economic Zone, a vast industrial and commercial hub planned on approximately 10,000 hectares of land.

According to Tinubu, the zone is already attracting interest from international manufacturers and investors seeking a location where imported inputs and locally sourced raw materials can be transformed into finished products for domestic and export markets.

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“The Gateway Deep Seaport is the critical infrastructure that will support the zone’s viability. A port moves cargo; a port integrated with a special economic zone helps to build an economy,” the President said.

He praised Ogun State Governor Dapo Abiodun for laying the groundwork for the investment by securing land, designing the framework for investors and addressing potential risks associated with the project.

Tinubu described the partnership as an example of how state and federal governments can work together to attract investment and accelerate development.

“This is cooperative federalism as envisaged by our Constitution: subnational vision supported by federal facilitation,” he said.

The President also highlighted the strategic importance of the Lagos–Calabar Coastal Highway, describing it as a key component that will support the commercial success of both projects.

He noted that the 28-kilometre section of the highway passing through Ogun State is expected to be completed before the end of 2026, improving access to the coastline and connecting the industrial zone to major domestic and regional markets.

“Without it, the coastline would have remained rich in potential but without access,” Tinubu said.

Beyond trade and logistics, the President said the projects would complement other major developments planned for the area, including a proposed Nigerian Navy Operating Base, a dockyard and the OK LNG Project, creating a broader industrial and energy corridor along the coast.

He argued that Nigeria’s geographical position gives it a natural advantage in regional trade but acknowledged that congestion, inadequate infrastructure and logistics challenges have limited the country's ability to fully capitalise on that potential.

“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,” he said.

Tinubu urged all stakeholders involved in the agreements to move quickly from planning to execution, assuring investors that the Federal Government would continue working to eliminate unnecessary bureaucratic hurdles while maintaining appropriate regulatory oversight.

The signing ceremony was attended by Governor Dapo Abiodun, Minister of Marine and Blue Economy Adegboyega Oyetola, Nigeria’s Ambassador to France Emmanuel Ayodele Oke, Managing Director of the Nigerian Ports Authority Abubakar Dantsoho, DP World Group Chief Executive Officer Yuvraj Narayan and other senior government and private-sector officials.

The agreements represent one of the largest recent investment commitments linked to Nigeria’s maritime and industrial sectors, reinforcing ongoing efforts to diversify the economy beyond oil and expand the country’s export capacity.