President Bola Ahmed Tinubu has assured domestic and foreign investors of the Federal Government’s commitment to regulatory clarity, policy stability and a predictable business environment for long-term investments in Nigeria.
This was contained in a statement issued on Thursday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
According to the statement, Tinubu gave the assurance in Paris, France, during the signing of Memoranda of Understanding (MoUs) between the Ogun State Government and DP World for the development of the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.
Governor Dapo Abiodun led the Ogun State delegation to the signing ceremony.
The projects are expected to attract an initial investment of more than $7 billion and create over 50,000 direct jobs when fully developed.
“The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators. I also acknowledge our financial advisers, Sky Capital, and all the investors and partners whose commitment has brought us to this important stage,” Tinubu said.
The President said the Federal Government would provide the necessary regulatory and institutional support to ensure the projects move from agreements to implementation, while holding all parties accountable for their commitments.
The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft, which the statement said would enable it to accommodate larger vessels, decongest the Lagos port corridor and reduce costs and delays for importers and exporters.
The proposed Blue Marine Special Economic Zone will occupy about 10,000 hectares and is expected to support manufacturing, processing and export-oriented activities.
Tinubu said the projects would strengthen Nigeria’s maritime economy and position the country as a major hub for maritime trade, logistics, manufacturing and exports.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action. I commend Governor Dapo Abiodun, and the Government and people of Ogun State, for securing the land, structuring the investment framework and reducing project risks for global investors,” the President said.
He also said the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway would provide an important transport link between the proposed port, the industrial zone, Lagos and the Nigerian hinterland.
The President commended the Ogun State Government for securing the land and structuring the investment framework, while urging the state government and investors to proceed expeditiously with implementation.