Projects in Ogun Waterside expected to ease pressure on Lagos ports, create more than 50,000 direct jobs…
The Ogun State Government has taken a major step towards developing a new maritime and industrial corridor after signing agreements with global ports and logistics company, DP World, for the development of a deep seaport and a special economic zone.
The memoranda of understanding were signed in Paris, France, on Thursday, with President Bola Tinubu witnessing the ceremony.
The Ogun State delegation was led by Governor Dapo Abiodun, while the agreements cover the proposed Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.
The projects are expected to attract an initial investment of more than $7 billion into Nigeria, according to President Tinubu.
At full development, the investments are projected to generate over 50,000 direct jobs, alongside additional indirect employment and non-oil export opportunities across the value chain.
The proposed seaport will be located in Ogun Waterside and is designed with a four-kilometre berth and an 18-metre draft, specifications that would allow it to handle larger vessels serving international trade.
According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the port is expected to provide an alternative route for cargo moving through the Lagos port corridor.
The project could help reduce pressure on Apapa and Tin Can Island ports while cutting some of the costs and delays faced by importers and exporters.
The Blue Marine Special Economic Zone, meanwhile, is proposed to cover about 10,000 hectares and is expected to serve as an industrial base linked directly to the new port.
Speaking at the signing ceremony, Tinubu said the combination of port infrastructure and industrial development was intended to create a wider economic corridor rather than operate as two separate projects.
“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. I also acknowledge our financial advisers, Sky Capital, and all the investors and partners whose commitment has brought us to this important stage,” he said.
The President said the development would support Nigeria’s efforts to diversify its economy, expand industrial production and increase non-oil exports.
He commended the Ogun State Government for securing the land and putting an investment framework in place, describing the arrangement as an example of cooperation between the federal and state governments.
Tinubu also pledged federal support for the infrastructure required to make the projects viable.
“We will facilitate road, rail and power connectivity; strengthen investment security and our maritime domain; and remove unnecessary bureaucratic obstacles,” he said.
Port, industrial zone designed as integrated corridor
According to the President, the Blue Marine Special Economic Zone has already attracted interest from international manufacturing and industrial companies.
He said the zone would provide an avenue for imported inputs to be converted into finished products, while locally sourced 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,” Tinubu said.
He described the Gateway Deep Seaport as a critical component of the proposed economic zone, arguing that the combination of port access and industrial activity would strengthen the commercial case for the development.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” he said.
Tinubu said the Federal Government would continue to work with Ogun and other subnational governments to remove unnecessary bottlenecks that could delay investments, while ensuring that projects comply with existing laws and regulations.
He added that strengthening Nigeria’s maritime economy remained part of the government’s broader strategy to diversify the country’s sources of economic activity.
Lagos-Calabar highway to provide connectivity
The President also identified transportation infrastructure as critical to the success of the proposed port and industrial zone.
He said the Lagos-Calabar Coastal Highway would provide an important connection between the development and Lagos, the Nigerian hinterland and markets across Africa.
The 28-kilometre Ogun section of the 700-kilometre highway is scheduled for completion before the end of the year, according to the President.
Tinubu said the road would improve access to the coastline and strengthen connections between the proposed port, the special economic zone and surrounding commercial centres.
The emerging industrial corridor, he added, would also be strategically positioned near the proposed Nigerian Navy Operating Base and Dockyard as well as the OK LNG Project.
“These projects will also anchor a broader strategic corridor near the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, connecting this industrial cluster to our energy and gas-export ambitions,” he said.
The Federal Government, Tinubu said, would provide the regulatory and institutional backing required to move the projects beyond the agreement stage and into implementation.
He added that all parties would be held accountable for their commitments under the agreements.
The projects, according to the President, represent part of ongoing efforts to attract foreign direct investment, expand Nigeria’s productive capacity and develop the country as a regional centre for maritime trade, logistics, manufacturing and exports.
