DP World and Ogun State Sign $7 Billion Port Development Deal

On 24 September, a Memorandum of Understanding was signed in Paris between DP World, a private port operator, and the Ogun State Government to develop the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone. The event was attended by President Bola Tinubu, Minister of Marine and Blue Economy Adegboyega Oyetola, and Managing Director of the Nigerian Ports Authority Abubakar Dantsoho.

The deal is expected to attract an initial investment of over $7 billion and create more than 50,000 direct jobs upon full development. The Gateway Deep Sea Port will feature a four-kilometre berth and an 18-metre draft, allowing it to accommodate very large vessels.

The Ogun State Blue Marine Special Economic Zone will cover over 10,000 hectares and host various multi-sector businesses. However, concerns have been raised about the concentration of maritime infrastructure in the South-West, particularly in Lagos, while ports in Calabar, Port Harcourt, Onne, Sapele, and Warri remain underutilized.

In response, Oyetola announced that four ports outside Lagos would be upgraded and six new deep seaports developed across Nigeria.