Ogun, DP World sign port investment deal

Summary

Ogun State and DP World have signed agreements for the Gateway Deep Sea Port and a blue marine special economic zone, with the projects expected to draw more than $7bn in initial investment.

Highlights

• President Bola Tinubu witnessed the signing in Paris, alongside the minister of marine and blue economy and the Nigerian Ports Authority chief.
• Ogun State said the deal brings together the federal government, the state government, DP World, financial advisers and other private-sector partners.
• The projects are projected to create more than 50,000 direct jobs.
• The planned Gateway Deep Sea Port in Ogun Waterside is designed to help decongest the Lagos port corridor and reduce delays and costs for cargo movement.
• The port is expected to be linked with a proposed 10,000-hectare blue marine special economic zone for manufacturing, processing and exports.