DP World Signs Deal to Develop Gateway Deep Seaport in Ogun State
What happened
DP World signed a Memorandum of Understanding with the Ogun State Government in Paris to develop the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone. The deal indicates an initial investment of over $7 billion and the creation of more than 50,000 direct jobs when fully developed.
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Why it matters
The Gateway Deep Seaport will feature a four-kilometre berth and an 18-metre draft, allowing it to handle very large vessels. Stakeholders have noted that this project could lead to a concentration of maritime infrastructure in the South-West region of Nigeria.
The Akwa Ibom State Government has reaffirmed its support for the realization of the Ibom deep sea port project.
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Who's involved
- DP WorldPrivate port operator that signed the deal to develop the deep seaport.
- Ogun StateState government that signed the Memorandum of Understanding for the port development.
- Bola Ahmed TinubuPresident of Nigeria who attended the signing event.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Ogun StateSpeculative
Ogun State might see increased revenue from the initial investment and new deep seaport infrastructure.
- DP WorldSpeculative
DP World could expand its strategic investment and operational footprint in Nigeria.
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The entities involved
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DP World
Emirati multinational logistics company
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Akwa Ibom State
state in Nigeria