President Bola Tinubu has assured domestic and foreign investors of regulatory clarity, policy stability and a predictable business environment as Ogun State and global ports operator, DP World, signed Memoranda of Understanding to develop the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.

The agreements were signed in Paris, France, on Thursday, with Ogun State Governor Dapo Abiodun leading the state delegation.

Speaking at the ceremony, Tinubu said the projects represented a major step towards attracting foreign direct investment, expanding Nigeria’s productive capacity and positioning the country as a hub for maritime trade, logistics, manufacturing and exports.

The President said the agreements envisaged an initial investment of more than $7 billion, with the projects projected to create over 50,000 direct jobs when fully developed, alongside additional indirect employment opportunities.

The proposed Gateway Deep Seaport at Ogun Waterside will feature a four-kilometre berth and an 18-metre draft, enabling it to accommodate larger vessels and helping to decongest the Lagos port corridor, particularly Apapa and Tin Can Island ports.

Tinubu said the port would also reduce logistics costs and delays for importers and exporters while providing a competitive gateway to the African Continental Free Trade Area market of about 1.4 billion people.

The Ogun State Blue Marine Special Economic Zone is planned on 10,000 hectares, where imported inputs would be transformed into finished products and Nigerian raw materials processed for export.

The President described the port and economic zone as complementary infrastructure, saying an integrated port and special economic zone could help build a broader industrial economy.

Tinubu also pledged federal support for road, rail and power connectivity, investment security and maritime infrastructure, as well as efforts to remove bureaucratic bottlenecks.

He said the 28-kilometre Ogun section of the 700-kilometre Lagos-Calabar Coastal Highway, scheduled for completion before the end of 2026, would provide a vital transport link to the proposed port and industrial zone.

According to him, the projects would also form part of a broader strategic corridor around the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project.

Also present at the signing were the Minister of Marine and Blue Economy, Adegboyega Oyetola; Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho; DP World Group CEO, Yuvraj Narayan; and other government and investment officials.