President Bola Tinubu has witnessed the signing of Memoranda of Understanding (MoUs) between the Ogun State Government and global logistics company DP World for the development of the Gateway Deep Seaport and a Special Blue Economy Zone, projects valued at more than $7 billion.
Minister of Marine and Blue Economy, Adegboyega Oyetola, said the agreements mark a significant milestone in Nigeria’s drive to expand its maritime sector, attract investment and strengthen the country’s position as a regional trade hub.
Oyetola disclosed this in a post shared after joining President Tinubu in Paris for the signing ceremony.
According to him, the projects include a 10,000-hectare Special Blue Economy Zone and the Gateway Deep Seaport, both expected to transform Nigeria’s maritime industry and stimulate economic growth.
He said the projects are expected to create tens of thousands of jobs, boost non-oil exports and support industrial development across several sectors.
The minister added that the Gateway Deep Seaport would help reduce congestion at the Lagos port corridor while providing the infrastructure needed to receive larger vessels and improve trade efficiency.
Speaking on the significance of the agreements, Oyetola said: “These landmark projects represent a major step forward in our efforts to unlock Nigeria’s maritime and blue economy, strengthen port capacity, attract investment and position our country as a competitive hub for regional and global trade.”
He added: “With an initial investment of over $7 billion projected across the projects, the development of the deep seaport and the 10,000-hectare Special Blue Economy Zone has the potential to create tens of thousands of jobs, expand non-oil exports and catalyse industrial activity across the value chain.”
The minister also reaffirmed his ministry’s commitment to ensuring the successful implementation of the projects.
“As a Ministry, we remain committed to providing the maritime-sector leadership, regulatory support and institutional coordination required to translate these agreements into successful projects,” he said.
Oyetola commended President Tinubu for promoting an investment-friendly environment and praised Ogun State Governor Dapo Abiodun, DP World and other partners for their roles in advancing the projects.
He described the agreements as “another important step towards building a stronger, more competitive and sustainable maritime economy — one that creates opportunities for Nigerians and connects our economy more effectively to Africa and the world.”
The Federal Government has identified the marine and blue economy as one of the key sectors for diversifying Nigeria’s economy beyond oil. Since the creation of the Federal Ministry of Marine and Blue Economy, efforts have been intensified to expand port infrastructure, attract private investment, improve maritime trade and increase the contribution of the sector to national economic growth. The proposed Gateway Deep Seaport and the Ogun State Special Blue Economy Zone are expected to complement existing ports, ease pressure on Lagos facilities and strengthen Nigeria’s role in regional and international commerce.
