President Bola Ahmed Tinubu yesterday reassured investors of his commitment to providing enabling environment for long-term investments as Ogun State Government and DP World MEA FZE signed a $7 billion deal for the development of Gateway Deep Sea Port and Ogun State Blue Marine Special Economic Zone.
At the signing ceremony of Memorandum of Understanding (MoU) in Paris, France, President Tinubu said the Federal Government remains committed to providing regulatory clarity, policy stability and a predictable business environment to support long-term investment in Nigeria.
He said the Federal Government would continue to support states across the federation to unlock their immense potential, describing the Ogun State-DP World MoU as evidence of such collaboration and a reaffirmation of his government’s Renewed Hope Agenda.
He said: ‘These agreements envisage an initial investment of more than $7 billion in the Nigerian economy. At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings from Nigerians’ creativity and productivity across the value chain. This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action’.
President Tinubu assured investors that the Federal Government would provide the necessary regulatory and institutional support to move the projects seamlessly from agreements to implementation.
‘This is cooperative federalism as envisaged by our Constitution: subnational vision supported by federal facilitation.
‘We will facilitate road, rail and power connectivity; strengthen investment security and our maritime domain; and remove unnecessary bureaucratic obstacles,’ President Tinubu said.
He highlighted the strategic importance of the Ogun State Blue Marine Special Economic Zone, noting that the zone has already started attracting interest from leading global manufacturing and industrial companies.
He said: ‘Within the zone, imported inputs will be transformed into finished goods, Nigerian raw materials will be processed for export and, most importantly, our young men and women will find dignified, productive and sustainable employment.
‘The Gateway Deep Seaport is the critical infrastructure that will support the zone’s viability. A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other’.
He said the Federal Government would continue to work with Ogun State and other subnational governments to remove unnecessary bottlenecks and facilitate investments that create value for Nigerians, while respecting the country’s laws and regulatory requirements.
According to him, strengthening the maritime economy remained a key part of the Federal Government’s broader economic diversification strategy as Nigeria strives to position itself as the continental hub for global trades and investments.