Ogun State and DP World sign port MoUs

President Bola Ahmed Tinubu has assured domestic and international investors of the Federal Government’s commitment to providing regulatory clarity, policy stability and a predictable business environment to promote long-term investment in Nigeria.

Tinubu gave the assurance in Paris, France, during the signing of Memoranda of Understanding (MoUs) 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 agreements are expected to advance Ogun State’s maritime and logistics infrastructure while strengthening its position as a major investment and industrial hub.

Governor Dapo Abiodun led the Ogun State delegation at the signing ceremony. Other members of the delegation included the Secretary to the State Government, Tokunbo Talabi, as well as the Commissioners for Finance, Works, Industry, Trade and Investment, and Transport. A representative of the host community was also part of the delegation.

The ceremony was attended by Minister of Marine and Blue Economy, Adegboyega Oyetola; Nigeria’s Ambassador to France, Emmanuel Ayodele Oke; and the Managing Director and Chief Executive Officer of the Nigerian Ports Authority, Abubakar Dantsoho.

Representing DP World were its Group Chief Executive Officer, Yuvraj Narayan, and Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, Mohammed Rashid Ismail. Managing Director of SkyKapital, Karim Noujaim, was also present.

The signing marks a significant step toward developing the proposed maritime and logistics projects in Ogun State, with the potential to enhance trade, attract investment and improve connectivity within the state and beyond.

Tinubu said the agreements bring together vision, expertise, capital and execution capacity. He welcomed DP World, describing it as one of the world’s leading port and logistics operators, while also recognising financial adviser Sky Capital and the investors and partners whose commitment had helped advance the projects to this stage.

The proposed Ogun Waterside port, featuring a four-kilometre berth and an 18-metre draft, is expected to help ease congestion along the Lagos port corridor by reducing pressure on the Apapa and Tin Can Island ports. The project could also lower transportation and logistics costs while reducing delays for importers, exporters and consumers.

With the capacity to accommodate larger vessels with deeper drafts, the port is designed to support modern international trade and serve as a competitive gateway for commerce under the African Continental Free Trade Area (AfCFTA). It is expected to strengthen Nigeria’s ability to access and serve a continental market of about 1.4 billion people.

Meanwhile, the proposed Ogun State Blue Marine Special Economic Zone is planned to cover approximately 10,000 hectares.

Tinubu said the Federal Government would support the projects by facilitating road, rail and power connectivity, strengthening investment security and the country’s maritime domain, and eliminating unnecessary bureaucratic bottlenecks.

He also highlighted the importance of the Lagos–Calabar Coastal Highway to the commercial viability of the corridor. According to the President, the 28-kilometre section of the highway in Ogun State, which forms part of the 700-kilometre route and is scheduled for completion before the end of the year, would provide a crucial transport link to the proposed port and special economic zone.