Ogun and DP World sign agreements linked to $7bn port projects
Ogun State and DP World have signed memorandums of understanding for a deep seaport and a Blue Marine Special Economic Zone. The projects are expected to attract more than $7bn in initial investment and generate over 50,000 direct jobs, with President Bola Tinubu present at the signing.
Ogun State and DP World have signed memorandums of understanding covering plans for a deep seaport and a Blue Marine Special Economic Zone, Premium Times Nigeria reports. President Bola Tinubu was present when the agreements were signed. The projects are expected to attract more than $7bn in initial investment, according to the report.
They are also projected to create more than 50,000 direct jobs. The supplied material does not specify the planned location, construction timetable, financing structure or the division of responsibilities between Ogun State and DP World. The agreements concern two linked areas of development: a deep-sea port and a special economic zone focused on marine activity.
No further details were provided on the facilities to be built, the industries expected to operate in the zone or the stages required before construction can begin. The signing marks an announced investment partnership between the state and DP World, with the stated aims of attracting billions of dollars and creating employment. The figures are projections associated with the projects rather than reported completed investments or jobs already created.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.