Tinubu Pledges Policy Stability as Ogun Attracts $7bn Investment
President Bola Tinubu has assured domestic and foreign investors of regulatory clarity, policy stability and a predictable business environment for long-term investments.
Tinubu gave the assurance in Paris during the signing of Memoranda of Understanding between Ogun government and DP World. The agreements cover the Ogun State Blue Marine Special Economic Zone and Gateway Deep Seaport, with proposed investments exceeding $7 billion.
This is contained in a statement issued by Mr Bayo Onanuga, Presidential Spokesperson, on Thursday in Abuja. The President said the agreements represented a convergence of vision, expertise, capital and execution capacity to advance Nigeria’s maritime economy.
“The agreements before us bring together vision, expertise, capital and execution capacity,” Tinubu said. He particularly welcomed DP World, describing it as one of the world’s leading port and logistics operators.
Tinubu assured investors of necessary regulatory and institutional support, while stressing that government would hold all parties accountable for their commitments.
He described the projects as milestones in attracting foreign direct investment, expanding productive capacity and positioning Nigeria as a major maritime trade hub.
The proposed Ogun Waterside port will have a four-kilometre berth and 18-metre draft, enabling it to accommodate larger, deeper-draft vessels.
The port is expected to decongest Lagos ports, ease pressure on Apapa and Tin Can Island ports and reduce logistics costs.
It will also provide a competitive trade gateway under the African Continental Free Trade Area, serving a continental market of about 1.4 billion people.
The Blue Marine Special Economic Zone is proposed to cover 10,000 hectares, with the projects requiring initial investment exceeding $7 billion.
“At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities,” Tinubu said. He added that the projects would generate substantial non-oil export earnings and strengthen Nigeria’s productive capacity.
Tinubu commended Gov. Dapo Abiodun and the Ogun government for securing land and structuring the investment framework. He said the state government had also helped reduce project risks, describing the arrangement as an example of cooperative federalism.
The President said the Federal Government would facilitate road, rail and power connectivity to support seamless implementation of the projects.
He also pledged to strengthen investment security, remove bureaucratic obstacles and work with Ogun to ensure effective project delivery.
Tinubu said the Blue Marine Special Economic Zone was attracting interest from global manufacturers. He added that the Gateway Deep Seaport would provide critical infrastructure for the zone’s viability and support its industrial development.
“A port moves cargo; a port integrated with a special economic zone helps to build an economy,” the President said. He said the Lagos–Calabar Coastal Highway would further support the corridor’s commercial viability.
According to him, the highway’s 28-kilometre Ogun section will link the zone and port with Lagos and Nigeria’s hinterland. Tinubu said the projects would anchor a strategic corridor near the proposed Nigerian Navy Operating Base and Dockyard.
He added that the corridor would also connect with the OK LNG Project, linking the industrial cluster to Nigeria’s energy and gas-export ambitions.
Governor Abiodun led the Ogun delegation, alongside Secretary to the state government, Tokunbo Talabi, commissioners and a representative of the host community.
Also present were Minister of Marine and Blue Economy, Adegboyega Oyetola; Nigeria’s Ambassador to France, Ayodele Oke; and NPA Managing Director, Abubakar Dantsoho.
DP World Group Chief Executive Officer, Yuvraj Narayan, SkyKapital Managing Director, Karim Noujaim, and other investors and partners also attended the ceremony.
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