President Bola Tinubu has unveiled an investment package of more than $7 billion for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.
Tinubu announced the package on Thursday in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World for the development of the projects.
The President said the investments were expected to create more than 50,000 direct jobs when fully developed, while generating additional indirect employment and supporting Nigeria’s economic diversification.
The proposed Gateway Deep Seaport at Ogun Waterside is planned to have a four-kilometre berth and an 18-metre draft, allowing it to accommodate larger vessels and help reduce pressure on Lagos ports, including Apapa and Tin Can Island.
The Blue Marine Special Economic Zone will cover about 10,000 hectares and is expected to support manufacturing, processing, exports and logistics.
Tinubu said the Federal Government would provide regulatory and institutional support, as well as facilitate road, rail and power connectivity to the projects.
He also linked the developments to the Lagos-Calabar Coastal Highway, saying the 28-kilometre Ogun section of the highway would support the emerging industrial and maritime corridor.
The President said the projects would strengthen Nigeria’s position in West African trade, reduce logistics bottlenecks and attract further domestic and foreign investment.
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