Ogun State Attracting New Investors with Port and LNG Projects

Ogun State Governor, Prince Dapo Abiodun, has said that the planned $7 billion Gateway Deep Sea Port and the proposed $10 billion Ogun Liquefied Natural Gas project are bringing in new investors to the state. This is setting the stage for more industrial growth and economic development.

The governor mentioned that these key investments, along with the Ogun Blue Marine and Special Economic Zone and the Lagos-Calabar Coastal Highway being built by the Federal Government, are creating new economic chances and drawing attention from both local and foreign investors.

Abiodun shared this information on Tuesday in Ijebu-Ode during a town hall meeting on the 2027, 2029 Medium-Term Expenditure Framework and the 2027 Budget. This meeting was organized by the Ministry of Budget and Planning.

He called the planned Deep Sea Port a major project for his administration, saying that the agreements signed recently in Paris with DP World will bring in about $7 billion in private investment to Ogun State.

According to him, these agreements focus on the development of the Gateway Deep Sea Port and the Ogun Blue Marine and Special Economic Zone, which are expected to change the state’s maritime, logistics, manufacturing, and industrial sectors.

“In September, I had the chance to travel to Paris to sign a landmark agreement that will be the biggest legacy of my administration, and that agreement is for the construction of the Ogun Deep Sea Port.

“That day, we signed two agreements: one for the Deep Sea Port and the other for the Ogun Blue Marine and Special Processing Zone. These combined agreements translate to an investment of about $7 billion of private capital, with no government investment,” he said.

The governor added that the proposed $10 billion OgunLNG project, which involves the Nigerian National Petroleum Company Limited, will also boost the state’s appeal to investors. He said the Lagos-Calabar Coastal Highway would improve connectivity and create new economic routes.

He noted that with these major projects, investors are showing more interest in Ogun. The state is feeling the pressure from potential investors wanting to start businesses and seize the new opportunities.

Abiodun said that his administration’s focus on infrastructure, human capital development, and creating a good business environment since 2019 has set a solid foundation for the state’s growing economy.

Looking back at his administration’s work, the governor revealed that over 1,700 kilometres of roads have been built or fixed across the state. There have also been significant efforts in healthcare, education, agriculture, electricity, and security.

He mentioned projects like the Gateway Medical Centre of Excellence, the rehabilitation of more than 1,600 public schools, and the hiring of over 6,000 teachers. His administration has also supported thousands of farmers.

On electricity, Abiodun said power plants have been set up in Abeokuta, with plans for similar plants in Ijebu-Ode and Remo to boost electricity supply, encourage business activities, and support industrial growth in the state.

He highlighted the administration’s work in Ijebu Division, which includes rebuilding and fixing roads in Oru, Awa, Ilaporu, Ago-Iwoye, Eruwon, and Atan, among other areas.

In Ijebu-Ode, he noted that the government has built 26 roads, showing its commitment to improving access and unlocking economic possibilities for communities.

The governor described the town hall meeting as important, being the last budget consultation by his administration. It provided a chance for residents to give input on the priorities for the 2027 fiscal plan.

He said the budget would be based on the state’s 2027, 2029 Medium-Term Expenditure Framework, focusing on realistic spending, finishing ongoing projects, and delivering essential services that lead to sustainable economic growth.

“My responsibility is to present a realistic and transparent budget that will finish all ongoing projects and provide essential services,” he said.

Abiodun thanked the people of Ogun State for their support over the last seven years. He assured them that his administration would keep working to fulfill its promises until the end of its term.

He also highlighted the need to continue government policies and programs beyond his time in office. Development should not stop with one administration.

The governor called on traditional rulers, community leaders, religious groups, professional bodies, and other stakeholders to take part in the budget preparation. They should identify the specific needs of their communities and suggest practical solutions.

He promised that the ideas shared at the meeting would be carefully looked at when preparing the 2027 budget.

Abiodun clarified that any proposals not included in the 2027 budget would be recorded and sent to the incoming administration to ensure that important community needs are remembered.

He reiterated his administration’s commitment to inclusive governance, fair development, and creating economic chances that will improve the lives of people in the state.

Earlier, the Chief Economic Adviser and Commissioner for Finance, Mr Dapo Okubadejo, said the government’s development plan focuses on building infrastructure, providing essential services, and creating a good environment for economic activities and personal success.

Okubadejo called governance a shared duty and encouraged residents to work with the government to ensure that the state’s resources are used where they can benefit the people the most.