President Bola Ahmed Tinubu has assured domestic and foreign investors of regulatory clarity, policy stability and a predictable business environment as Ogun State and DP World signed Memoranda of Understanding for the development of the Gateway Deep Seaport and Ogun State Blue Marine Special Economic Zone.
The agreements were signed in Paris, France, with Ogun State Governor Dapo Abiodun leading the state delegation.
The proposed Gateway Deep Seaport at Ogun Waterside will feature a four-kilometre berth and an 18-metre draft, with the Federal Government saying it will help decongest the Lagos port corridor and reduce delays and logistics costs.
The Ogun State Blue Marine Special Economic Zone is planned across 10,000 hectares and is expected to attract manufacturing and industrial investments.
President Tinubu said the projects represent an initial investment of more than $7 billion and are projected to create over 50,000 direct jobs when fully developed.
He said the Federal Government would support road, rail and power connectivity, strengthen investment and maritime security, and remove unnecessary bureaucratic obstacles.
Tinubu also described the projects as part of efforts to diversify Nigeria’s economy, boost non-oil exports and position the country as a major maritime and logistics hub serving the African Continental Free Trade Area.
The President urged Ogun State and the investors to sustain the momentum from the signing and move quickly towards implementation.
