DP World Signs $7bn Deals for Ogun Deep Seaport and Economic Zone
DP World has signed Memoranda of Understanding (MoUs) with the Ogun State Government to develop the Gateway Deep Seaport and a 10,000-hectare Blue Marine Special Economic Zone.
The agreements, signed in Paris, France, involve an initial investment of more than $7 billion and are projected to create more than 50,000 direct jobs when the projects are fully developed.
The proposed Gateway Deep Seaport will be located at Ogun Waterside and feature a four-kilometre berth with an 18-metre draft. The facility is expected to accommodate larger vessels and provide an alternative maritime gateway to the congested Lagos port corridor.
President Bola Tinubu, who witnessed the signing, said the projects would help reduce pressure on the Apapa and Tin Can Island ports while lowering logistics costs and delays for importers, exporters and consumers.
“The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators,” Tinubu said.
The President said the Federal Government would provide regulatory and institutional support to move the projects from agreements to implementation.
He also pledged to facilitate road, rail and power connections needed to support the port and the special economic zone.
Ogun economic zone targets manufacturing and exports
The Blue Marine Special Economic Zone is planned across 10,000 hectares and is expected to support manufacturing, processing and export activities.
According to the Presidency, the zone is already attracting interest from global manufacturing and industrial companies.
Tinubu said the zone would provide a platform where imported inputs could be converted into finished products, while Nigerian raw materials could be processed for export.
“Within the zone, imported inputs will be transformed into finished goods, Nigerian raw materials will be processed for export and, most importantly, our young men and women will find dignified, productive and sustainable employment,” he said.
The President described the relationship between the port and economic zone as important to the wider development plan.
“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. Each reinforces the other,” he said.
Port expected to ease Lagos congestion
The proposed port is designed to provide an additional route for cargo moving into Lagos, the Nigerian hinterland and other African markets.
Tinubu said Nigeria’s existing maritime infrastructure had been constrained by congestion, limited draft capacity and logistics bottlenecks.
“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 port is also expected to support trade under the African Continental Free Trade Area by providing additional logistics infrastructure for businesses serving the wider African market.
Lagos-Calabar highway to support project
The President also linked the viability of the Ogun projects to the Lagos-Calabar Coastal Highway.
He said the 28-kilometre section of the highway in Ogun State would provide an important transport connection between the port, economic zone, Lagos and the Nigerian hinterland.
“The Lagos–Calabar Coastal Highway is central to this corridor’s commercial viability. The 28-kilometre Ogun State section of this 700-kilometre artery, scheduled for completion before the end of this year, will provide a vital transport link for the zone and port,” Tinubu said.
He added that the projects would connect with other developments in the area, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.
Government promises investment support
Tinubu assured investors that the Federal Government would continue working with Ogun State and other governments to remove unnecessary bureaucratic obstacles and improve investment security.
He said the government would also hold the parties involved accountable for their commitments as the projects progress.
“These agreements envisage an initial investment of more than $7 billion in the Nigerian economy. At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings from Nigerians’ creativity and productivity across the value chain,” he said.
The Ogun State Government and DP World are expected to proceed with the next stages of developing the Gateway Deep Seaport and Blue Marine Special Economic Zone following the signing of the agreements.
