Tinubu assures investors of regulatory stability as Ogun, DP World sign $7bn port, SEZ MoUs

Economy & Policy, Politics

PARIS, France (NPA) — President Bola Tinubu has assured domestic and foreign investors that the Federal Government will continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investment in Nigeria.

Tinubu gave the assurance in Paris on Thursday during the signing of Memoranda of Understanding (MoUs) between the Ogun State Government and DP World for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.

The Ogun State delegation was led by Governor Dapo Abiodun and included Secretary to the State Government Tokunbo Talabi and commissioners responsible for finance, works, industry, trade and investment, and transport, as well as a representative of the host community.

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The ceremony was also attended by Minister of Marine and Blue Economy Adegboyega Oyetola, Nigeria’s Ambassador to France Emmanuel Ayodele Oke, Nigerian Ports Authority Managing Director Dr Abubakar Dantsoho, DP World Group CEO Yuvraj Narayan and other investors and partners.

Tinubu said the agreements brought together investment capital, technical expertise and execution capacity, describing DP World as a major global ports and logistics operator.

“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,” he said.

The President assured investors that the Federal Government would provide the necessary regulatory and institutional support to move the projects from agreements to implementation.

He also said the government would hold all parties accountable for their commitments, describing the agreements as a significant milestone in efforts to attract foreign direct investment, expand productive capacity and position Nigeria as a hub for maritime trade, logistics, manufacturing and exports.

The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft. According to the President, the facility is expected to help decongest the Lagos port corridor and reduce pressure on the Apapa and Tin Can Island ports.

He said the deeper-draft port would accommodate larger vessels and provide a trade and logistics gateway for the African Continental Free Trade Area (AfCFTA), which he said serves a continental market of about 1.4 billion people.

The Ogun State Blue Marine Special Economic Zone is proposed to cover 10,000 hectares.

“These agreements envisage an initial investment of more than $7 billion in the Nigerian economy. At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings from Nigerians’ creativity and productivity across the value chain,” Tinubu said.

He described the projects as part of the Federal Government’s economic diversification and industrialisation agenda, commending the Ogun State Government for securing the land, structuring the investment framework and reducing project risks for investors.

“This is cooperative federalism as envisaged by our Constitution: subnational vision supported by federal facilitation,” he said.

Tinubu said the Federal Government would facilitate road, rail and power connectivity, strengthen investment security and maritime security, and remove unnecessary bureaucratic obstacles.

He said the proposed special economic zone was already attracting interest from global manufacturing and industrial companies.

“Within the zone, imported inputs will be transformed into finished goods, Nigerian raw materials will be processed for export and, most importantly, our young men and women will find dignified, productive and sustainable employment,” he said.

Tinubu described the seaport as critical infrastructure for the viability of the special economic zone, saying an integrated port and economic zone could support broader industrial development.

The President said strengthening Nigeria’s maritime economy remained central to the Federal Government’s economic diversification strategy and urged the Ogun State Government and investors to move quickly from the signing stage to implementation.

“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,” he said.

Tinubu also linked the projects to the Lagos-Calabar Coastal Highway, saying the 28-kilometre Ogun section of the 700-kilometre highway was scheduled for completion before the end of 2026.

According to him, the road would provide an important transport link between the proposed port, special economic zone, Lagos, the Nigerian hinterland and other African markets.

He added that the projects would form part of a wider strategic corridor near the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, linking the industrial cluster with Nigeria’s energy and gas-export ambitions.