President Bola Tinubu has assured domestic and foreign investors of the Federal Government’s commitment to providing regulatory clarity, policy stability and a predictable business environment to support long-term investments in Nigeria.
Tinubu gave the assurance in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World, a global ports and logistics operator, for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.
The Ogun State delegation to the signing ceremony was led by Governor Dapo Abiodun and included the Secretary to the State Government, Tokunbo Talabi, as well as the Commissioners for Finance, Works, Industry, Trade and Investment, and Transport, alongside a representative of the host community.
The event was also attended by the Minister of Marine and Blue Economy, Adegboyega Oyetola; Nigeria’s Ambassador to France, Emmanuel Ayodele Oke; the Managing Director and Chief Executive Officer of the Nigerian Ports Authority, Abubakar Dantsoho; DP World Group Chief Executive Officer, Yuvraj Narayan; Managing Director of SkyKapital, Karim Noujaim; and DP World’s Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, Mohammed Rashid Ismail.
Describing the agreements as an important step towards developing Nigeria’s maritime and logistics sector, Tinubu said they brought together investors, financial advisers and government stakeholders to advance the 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,” the President said.
Tinubu assured investors that the Federal Government would provide the necessary regulatory and institutional support to ensure a smooth transition from the signing of the agreements to implementation.
He also said the government would hold all parties accountable for their commitments, describing the agreements as a major milestone in efforts to attract foreign direct investment, expand productive capacity and position Nigeria as a major hub for maritime trade, logistics, manufacturing and exports.
The proposed deep seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft, with the potential to decongest the Lagos port corridor and ease pressure on the Apapa and Tin Can Island ports.
According to the President, the project is also expected to reduce costs and delays for importers, exporters and consumers while accommodating larger vessels with deeper drafts used in modern international commerce.
Tinubu said the port would provide a competitive trade and logistics gateway for the African Continental Free Trade Area, giving Nigeria an opportunity to serve a continental market of approximately 1.4 billion people.
The Ogun State Blue Marine Special Economic Zone is proposed to cover about 10,000 hectares.
The President said the agreements envisaged an initial investment of more than $7bn in the Nigerian economy, while the projects, when fully developed, were projected to create more than 50,000 direct jobs alongside additional indirect employment opportunities.
He added that the projects were expected to generate substantial non-oil export earnings through activities across the value chain.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” Tinubu said.
The President commended Governor Abiodun and the Ogun State Government for securing the land, structuring the investment framework and reducing risks for international investors.
Tinubu described the partnership between the Federal Government and Ogun State as an example of cooperative federalism, saying the state’s initiative was being supported through federal facilitation.
“We will facilitate road, rail and power connectivity; strengthen investment security and our maritime domain; and remove unnecessary bureaucratic obstacles,” the President said.
