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4 clusters · 27 sources · 22 days · First seen · Last updated

Ogun State and DP World maritime infrastructure deal

Overview

Ogun State and DP World are moving forward with the development of the Gateway Deep Seaport and the Blue Marine Special Economic Zone, following a $7 billion agreement signed in Paris. Construction is scheduled to begin in November, preceded by a groundbreaking ceremony, with a target for substantial completion within two and a half years.

The project aims to transform Ogun Waterside into a West African maritime hub, supported by federal infrastructure such as the Lagos-Calabar Coastal Highway. In a separate expansion of its Nigerian operations, DP World is also engaging in a partnership with TGI Group. Through this deal, a subsidiary of TGI, 22 Plus Invest Limited, is set to acquire a 43 percent stake in DP World Logistics Limited from UAC of Nigeria Plc, subject to regulatory approval.

Ogun State is currently pursuing a broader industrial expansion strategy with a potential investment pipeline exceeding $17 billion. This includes the $7 billion maritime project and a separate $10 billion liquefied natural gas (LNG) project in collaboration with the Nigerian National Petroleum Company Limited (NNPC).

State officials recently defended the legitimacy of these maritime investments following political criticism that labeled the seaport deal a “broken promise.” Officials asserted that the commitments are verifiable, noting that agreements were signed in the presence of high-ranking figures, including President Bola Ahmed Tinubu and the Managing Director of the Nigerian Ports Authority.

Entities

Dapo Abiodun · DP World · Ogun State Government · Bola Ahmed Tinubu · Gateway Deep Sea Port

Timeline

  1. [BUSINESS] 2 sources
    Ogun State targets $17 billion in industrial and maritime investments

    Ogun State aims to secure over $17 billion in investments, including a $7 billion deep seaport with DP World and a $10 billion LNG project, despite political criticism regarding project timelines.

  2. [BUSINESS] 3 sources
    Ogun State begins $7bn deep-sea port construction and logistics expansion

    Construction of a $7 billion deep-sea port in Ogun State, Nigeria, begins in November, while DP World expands its local logistics presence through a partnership with TGI Group.

  3. [BUSINESS] 3 sources
    Ogun State and DP World sign $7bn deal for Nigerian deep-sea port

    Ogun State and DP World have signed agreements for a $7 billion deep-sea port and a 10,000-hectare special economic zone in Nigeria, aiming to create 50,000 jobs and reduce Lagos port congestion.

  4. [BUSINESS] 23 sources
    Ogun State and DP World sign $7bn maritime and industrial zone deal

    Ogun State and DP World signed MoUs in Paris for a $7bn+ deep seaport and 10,000-hectare special economic zone, expected to create 50,000 jobs and decongest Lagos ports.

Sources

arise.tv · authorityngr.com · bizwatchnigeria.ng · businessday.ng · container-news.com · dailytrust.com · economicconfidential.com · idomavoice.com · newscentral.africa · newsnowonline.com.ng · newtelegraphng.com · nnn.ng · persecondnews.com · premiumtimesng.com · primanews.org · punchng.com · sahelstandard.com · shippingposition.com.ng · silverbirdtv.com · statehouse.gov.ng · theglittersonline.com.ng · thepodiummedia.com · thewhistler.ng · thisdaylive.com · tribuneonlineng.com · von.gov.ng · worldstagenews.com

This summary has been updated 2 times: see revision history