- Projects to cover 10,000-hectare Special Blue Economy Zone, expand maritime capacity
By John Dike, Osogbo
The Federal Government has signed Memoranda of Understanding (MoUs) with Ogun State Government and a global logistics company, DP World, for the development of the Gateway Deep Seaport and the Ogun State Special Blue Economy Zone.
Marine and Blue Economy, Mr Adegboyega Oyetola, disclosed this in a statement shared on his official X handle following the signing ceremony held in Paris and witnessed by President Bola Ahmed Tinubu.
He said the projects have an initial projected investment of over $7 billion and are expected to support the development of a 10,000-hectare Special Blue Economy Zone alongside the Gateway Deep Seaport.
Oyetola added that the initiatives represented a significant step towards expanding Nigeria’s maritime and blue economy, attracting both domestic and international investments, strengthening port infrastructure and capacity, and creating opportunities for employment and industrial development.
He said the Gateway Deep Seaport would play an important role in addressing congestion and capacity constraints along the Lagos port corridor.
According to him, the proposed port would provide the infrastructure and sufficient draft required to accommodate larger vessels, while facilitating more efficient maritime trade and improving Nigeria’s position within regional and global shipping networks.
The minister said the development of the port and the Special Blue Economy Zone would also support wider economic activities associated with maritime transportation, logistics, industrial production and other blue economy-related investments.
He reaffirmed the commitment of the Federal Ministry of Marine and Blue Economy to providing the necessary maritime-sector leadership, regulatory support and institutional coordination required to translate the agreements into successful and sustainable projects.
Oyetola also commended President Tinubu for what he described as his commitment to creating a predictable investment environment capable of attracting major international investments into Nigeria.
He praised Ogun State Governor, Dapo Abiodun, and the state government for their vision, while also commending DP World and other project partners for their confidence in Nigeria’s investment potential.
The minister described the agreements as another important step towards building a stronger, more competitive and sustainable maritime economy.
He said the projects, when implemented, would create additional opportunities for Nigerians and help connect the Nigerian economy more effectively to other African markets and the global marketplace.
The proposed developments come amid efforts by the Federal Government to expand Nigeria’s maritime infrastructure and harness the economic potential of the country’s extensive coastline and maritime resources.
Oyetola said the ministry would continue to work with relevant stakeholders to ensure that investments in the sector translate into improved infrastructure, greater efficiency and broader economic opportunities for Nigerians.
