DP WORLD SIGNS MOUS FOR PROPOSED PORT AND ECONOMIC ZONE IN OGUN STATE, NIGERIA
Proposed 10,000-hectare development would combine a new deep sea port and special economic zone to support Nigeria’s growing trade and industrial ambitions
DP World, the Ogun State Government and Ogun Deep Sea Port Company Ltd have signed two Memorandums of Understanding (MOUs) to explore the development of a greenfield deep sea port and special economic zone in Ogun State, Nigeria.
The MOUs were signed by His Excellency Prince Dapo Abiodun, Governor of Ogun State, and Yuvraj Narayan, Group Chief Executive Officer of DP World. His Excellency Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria, attended the signing ceremony.
The proposed development would bring together a deep-sea port and special economic zone across a 10,000-hectare site, creating a major new maritime and trade hub for Nigeria. Located along the Lagos-Calabar Coastal Highway, the development would connect industry and manufacturing with port infrastructure, logistics and global markets in one location.
With one of Africa’s largest consumer markets and significant potential for industrial and manufacturing growth, Nigeria has an opportunity to further strengthen its position as a major hub for African trade and industry. Combining a deep-sea port with an adjacent economic zone would bring manufacturing, logistics and global connectivity together in one location, helping attract investment, support new industries and jobs, and give Nigerian businesses more efficient access to global markets.
H.E. Prince Dapo Abiodun, Governor of Ogun State, said: “The agreements we have executed today for the Ogun Deep Sea Port and the Ogun State Blue Marine and Special Economic Zone formalise the beginning of two strategic projects that will reshape Nigeria’s economic landscape whilst providing over 50 000 direct employment opportunities.”
Yuvraj Narayan, Group Chief Executive Officer, DP World, said: “Nigeria is a strategically important market for DP World and one where we have operated, invested and grown for more than a decade. The MOUs reflect our long-term commitment to Nigeria and our ambition to support its future trade and connectivity with infrastructure and logistics capabilities that help Nigerian businesses connect to global markets and grow.”
Mohammed Akoojee, Chief Executive Officer and Managing Director, Africa, DP World, said: “This project creates a strategic new gateway for Nigerian trade, connecting businesses and industries more efficiently to markets across Africa and the world. By bringing together port infrastructure, logistics and an economic zone, we can create an environment that supports industry, attracts investment and helps Nigerian businesses compete globally.”
Nigeria has been part of DP World’s footprint on the continent for more than a decade. Today, DP World employs more than 7,000 people in Nigeria, with a significant presence in market access across the healthcare and consumer industries and a growing logistics business.
The proposed development builds on DP World’s wider investment in Africa’s trade infrastructure. DP World has committed around US$3 billion to port infrastructure and logistics across the continent, including the development of the Port of Ndayane in Senegal and Banana Port in the Democratic Republic of Congo, and the expansion of its operations at the ports of Maputo in Mozambique and Dar es Salaam in Tanzania.