President Bola Tinubu has unveiled an investment package of more than $7 billion for the development of the proposed Gateway Deep Seaport and Ogun State Blue Marine Special Economic Zone, with the projects expected to attract foreign investment and create more than 50,000 direct jobs when fully developed.
Tinubu announced the development on Thursday in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World, a global ports and logistics company.
According to a statement by the President’s spokesman, Bayo Onanuga, the agreements are expected to bring an initial investment of more than $7 billion into Nigeria and generate additional indirect employment opportunities.
Tinubu said the Federal Government would provide regulatory and institutional support to ensure that the projects move from the agreement stage to implementation.
“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.”
The President also assured local and international investors of continued government efforts to provide regulatory clarity, policy stability and a predictable business environment for long-term investments.
The proposed Gateway Deep Seaport, located in Ogun Waterside, is planned with a four-kilometre berth and an 18-metre draft. The deeper draft is expected to allow the facility to handle larger vessels while providing an additional maritime gateway for cargo moving into Nigeria and other African markets.
The project is also expected to help reduce pressure on the Apapa and Tin Can Island ports by providing additional capacity along Nigeria’s southwestern maritime corridor.
Tinubu said the port would be integrated with the proposed Ogun State Blue Marine Special Economic Zone, which is planned to cover about 10,000 hectares.
The economic zone is designed to support manufacturing, mineral and agricultural processing, exports and logistics, with the deep seaport serving as a major transport link for businesses operating within the zone.
“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.”
The Federal Government plans to support the projects with road, rail and power connections, while also working to improve investment security, maritime infrastructure and the ease of doing business.
Tinubu linked the development to the Lagos-Calabar Coastal Highway, describing the Ogun section as an important connection for the emerging industrial and maritime corridor.
He said the 28-kilometre Ogun section of the planned 700-kilometre highway was scheduled for completion before the end of 2026.
The President said the port and economic zone would also form part of a wider corridor connecting the proposed Nigerian Navy Operating Base and Dockyard with the OK LNG Project.
Tinubu commended Ogun State Governor Dapo Abiodun for securing the land and helping structure the investment framework for the projects.
“I commend Governor Dapo Abiodun and the government and people of Ogun State for securing the land, structuring the investment framework and reducing project risks for global investors.”
Governor Abiodun led the Ogun State delegation at the signing ceremony, which was attended by state commissioners and other senior government officials.
Representatives of DP World, the Nigerian Ports Authority and SkyKapital were also present.
The latest agreement builds on Ogun State’s wider push to develop the Olokola/Gateway maritime and industrial corridor. The state has previously identified the proposed Olokola Deep Sea Port as part of its strategy to strengthen trade, logistics and industrial development.
The state government also promotes Ogun as a strategic investment location because of its proximity to Lagos and access to major domestic and West African markets, alongside its existing industrial clusters and planned transport infrastructure.
Tinubu said the proposed projects were intended to address some of the infrastructure constraints affecting Nigeria’s trade, particularly port 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.”
The President urged Ogun State and the private-sector partners to maintain the momentum created by the agreements and move towards implementation.
The $7 billion figure represents the investment package announced in connection with the agreements, while the actual timing and delivery of the projects will depend on the implementation of the agreements, financing arrangements and subsequent project development.
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