Ogun and DP World sign agreements for proposed $7bn port and economic zone

The Ogun State Government and DP World have signed memoranda of understanding for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone, in agreements valued at more than $7 billion. The signing took place in Paris in the presence of President Bola Ahmed Tinubu, Ogun State Governor Dapo Abiodun and DP World Group Chief Executive Officer Yuvraj Narayan, according to the supplied material. The proposed development combines a deep-sea port with a 10,000-hectare special economic zone.

More than 50,000 direct jobs are projected, although the material presents these as estimates rather than existing employment. The port is planned with a four-kilometre berth and an 18-metre draft, features intended to allow larger vessels to dock. The project is also described as a way to ease pressure on the Lagos port corridor and reduce logistics costs and delays.

The special economic zone would provide an industrial base connected to the port. The material says imported inputs could be transformed into finished products there, while Nigerian agricultural and other raw materials could be processed for export. Potential areas mentioned include manufacturing, logistics, warehousing, food processing, petrochemicals, engineering, packaging and technology.

President Tinubu described the distinction between a conventional port and the proposed integrated model by saying that a port moves cargo, while one linked to a special economic zone helps build an economy. The plans also identify possible opportunities for small and medium-sized businesses to supply manufacturers, logistics companies, construction firms and other operators. Agriculture could benefit if commodities were processed, packaged and stored before export rather than shipped as raw materials.

The material links the development to other proposed or existing transport assets, including the Gateway International Airport, dry ports, the coastal highway and a proposed 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway. It presents these connections as important to the corridor’s commercial viability.