Nigeria’s maritime trade landscape could undergo a major shift as the Federal Government backed a more than $7 billion investment package for a new deep seaport and integrated economic zone in Ogun State.

The proposed Gateway Deep Seaport at Ogun Waterside is designed with an 18-metre draft and a four-kilometre berth, specifications expected to allow larger vessels to berth while providing an alternative gateway for cargo currently moving through the congested Lagos port corridor.

President Bola Tinubu disclosed the investment package on Thursday in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and global ports and logistics company, DP World.

Beyond the port itself, the proposed Ogun State Blue Marine Special Economic Zone is planned to cover about 10,000 hectares, creating an industrial corridor linked directly to maritime transportation, manufacturing, processing, exports and logistics.

The Federal Government said the combined projects are expected to attract an initial investment exceeding $7 billion and generate more than 50,000 direct jobs when fully developed, with further employment expected through associated economic activities.

Tinubu said the projects were intended to move Nigeria beyond dependence on oil by strengthening production, exports and maritime-linked industrial activities.

He said the agreements brought together investment capital, technical expertise and execution capacity, while assuring investors of continued government support through regulatory clarity and a predictable business environment.

The President further pledged the necessary regulatory and institutional backing to move the projects from agreements into implementation.

With its deeper draft, the Gateway Deep Seaport is expected to accommodate larger vessels than facilities constrained by shallower channels, potentially improving the efficiency of cargo movement into and out of Nigeria.

The project is also positioned to support trade beyond Nigeria, with the Federal Government linking the planned port to opportunities under the African Continental Free Trade Area.

The economic zone is expected to complement the seaport by providing space for businesses involved in manufacturing, processing, export-oriented production and logistics, thereby creating an integrated production-to-market chain.

The development therefore goes beyond the construction of another port, with the proposed infrastructure designed to connect shipping, industry and export production within one economic corridor.

The agreements were signed as Nigeria continues efforts to attract large-scale private capital into infrastructure and expand non-oil sources of foreign exchange.