Nigeria's Ogun State Signs MoU with DP World for Over US$7 Billion Port and Economic Zone Cooperation

en.Wedoany.com Reported - The Ogun State Government of Nigeria and DP World MEA FZE signed two memoranda of understanding in Paris, France, to advance the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone. The initial investment for the two projects is estimated at over US$7 billion, with plans to create more than 50,000 direct jobs. The signing was witnessed by Nigerian President Bola Tinubu. The projects are currently at the MoU and development advancement stage.

The Gateway Deep Sea Port is planned for Ogun Waterside, with approximately 4 kilometers of berth quay line and a designed water depth of 18 meters, capable of accommodating large deep-water vessels. The port is planned to connect with the Lagos–Calabar Coastal Highway and subsequent railway, power, and other infrastructure. The approximately 28-kilometer section of the coastal highway within Ogun State is scheduled for completion by the end of 2026, serving as a key land connection to the future port and economic zone.

The Blue Marine Special Economic Zone, advanced in parallel with the port, is planned to cover approximately 10,000 hectares and is positioned to encompass port logistics, industrial production, and related marine economic activities. The Ogun State Government plans to develop the deep sea port and the economic zone as an integrated package, forming an integrated port, industrial, and logistics project system.

The agreement was signed by Ogun State Governor Dapo Abiodun and representatives of DP World, with DP World Group CEO Yuvraj Narayan and the head of Sub-Saharan Africa operations in attendance. Nigeria's Minister of Marine and Blue Economy and the head of the Nigerian Ports Authority also participated in the signing event. The federal government stated that it will provide supporting support for project development in terms of roads, railways, power connections, and related regulatory approvals.