DP World and the Ogun State Government have signed agreements to develop a new deep-sea port and special economic zone in Nigeria.
The Memoranda of Understanding (MoUs) cover the proposed Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.
The agreements were signed in Paris on 24 September in the presence of Nigerian President Bola Ahmed Tinubu.
The proposed Gateway Deep Seaport will be developed at Ogun Waterside.
According to the Nigerian Presidency, the port is planned with a four-kilometre berth and an 18-metre draft.
This would allow the facility to accommodate larger, deeper-draft vessels and provide additional port capacity for Nigerian trade.
The government said the project could also help reduce congestion along the Lagos port corridor and ease pressure on the Apapa and Tin Can Island ports.
The Gateway Deep Seaport is planned as part of a wider logistics and industrial development.
The accompanying Blue Marine Special Economic Zone is proposed across approximately 10,000 hectares.
The agreements envisage an initial investment of more than US$7 billion across the Gateway Deep Seaport and Blue Marine Special Economic Zone projects.
The Nigerian government said the developments could create more than 50,000 direct jobs once fully developed.
The Federal Government also plans to support road, rail and power connections serving the development.
The nearby Lagos-Calabar Coastal Highway is expected to provide an important transport link between the proposed port, Lagos and Nigeria’s wider hinterland.
“The Gateway Deep Seaport is the critical infrastructure that will support the zone’s viability,” said Tinubu.
The government expects the combination of the port and economic zone to support manufacturing, exports and logistics activity.
