Ogun and DP World agree $7bn Gateway port investment
Ogun State and DP World have signed an agreement valued at $7bn to develop the Gateway Deep Sea Port and a special economic zone. Punch Nigeria reports that the project is expected to create more than 50,000 jobs. The supplied material gives no timetable, financing breakdown or construction details.
Ogun State and DP World have signed a $7bn investment agreement covering the development of the Gateway Deep Sea Port and a special economic zone, Punch Nigeria reports. The project is expected to create more than 50,000 jobs, although the supplied material does not explain whether that figure refers to direct employment, indirect employment or a combination of both. The agreement links two components: a deep-sea port and an associated special economic zone.
No further details are provided about the planned capacity of the port, the facilities to be built or the industries the zone is intended to attract. The report also does not state when construction is expected to begin, how the investment will be financed or when the development is expected to become operational. The deal represents a proposed large-scale partnership between Ogun State and DP World, with job creation presented as a principal expected benefit.
Further information on the project’s timetable and structure was not included in the supplied source material.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.