The Ogun State Government and DP World MEA FZE have signed Memoranda of Understanding (MoUs) for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone (SEZ), in a deal projected to attract more than $7 billion in initial investment and create over 50,000 direct jobs.

President Bola Tinubu witnessed the signing in Paris, France, alongside the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Director-General of the Nigerian Ports Authority (NPA), Abubakar Dantsoho.

The agreements bring together the Federal Government, Ogun State, DP World, financial advisers and other private-sector partners in a framework designed to ease logistics bottlenecks, expand industrial capacity and strengthen Nigeria’s manufacturing and export potential.

The Gateway Deep Sea Port, planned for Ogun Waterside, will feature a four-kilometre berth and an 18-metre draft, allowing it to accommodate larger vessels, ease pressure on the Lagos port corridor and reduce transportation costs and delays for businesses.

The port will be linked to the proposed 10,000-hectare Blue Marine Special Economic Zone, which is expected to host manufacturing, processing, logistics and export-oriented industries.

Tinubu said the integrated development would help transform imported inputs into finished goods while enabling Nigerian raw materials to be processed for export, thereby supporting the expansion of the country’s non-oil export base.

“A port moves cargo; a port integrated with a special economic zone helps to build an economy,” the President said.

He said the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway would provide a critical connection between the port, the industrial zone, Lagos, the Nigerian hinterland and wider African markets.

The corridor is also expected to connect with other strategic investments, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, creating stronger links between maritime infrastructure, industry, energy and trade.

According to the President, the projects represent an initial investment of more than $7 billion and are projected to generate over 50,000 direct jobs, in addition to indirect employment opportunities.

Tinubu described the development as a practical demonstration of the Federal Government’s economic diversification and industrialisation drive under the Renewed Hope Agenda.

He commended Ogun State Governor Dapo Abiodun for securing the required land, structuring the investment framework and reducing project risks for investors.

The President also described the initiative as an example of cooperative federalism, with Ogun State driving the project while receiving strategic support from the Federal Government.

Tinubu assured investors of regulatory clarity and policy stability, pledging federal support for road, rail and power connectivity, investment security and the maritime sector.

He stressed that the agreements must translate into actual investments, infrastructure, jobs and economic opportunities.

Earlier, Governor Abiodun described the signing as a defining moment for Ogun State and Nigeria’s engagement with the global economy.

Abiodun said the deep seaport vision had remained largely unrealised for more than three decades until the intervention of the Tinubu administration.

“It has taken the foresight, courage and dogged leadership of President Bola Ahmed Tinubu to move it from aspiration to reality,” the governor said.

He commended the Federal Government, Oyetola, the NPA and other institutions for supporting the project, describing it as a convergence of the Renewed Hope Agenda and Ogun State’s Building Our Future Together agenda.

According to Abiodun, the deep seaport will strengthen trade, attract investment, improve connectivity and expand Nigeria’s maritime economy, while creating opportunities for SMEs, logistics operators, manufacturers, technology firms and other businesses.

He said the Blue Marine SEZ would provide a platform for investment, technology, innovation and talent, drawing on the integrated port-and-industrial-zone model exemplified by DP World’s Jebel Ali Free Zone.

The governor added that the development would form part of a wider multimodal infrastructure network connecting the Gateway International Airport, dry ports, the Lagos-Calabar Coastal Highway and the deep seaport.

“History will judge us not by the elegance of documents signed, but by the transformation that follows. Ceremonies proclaim intentions; only implementation creates prosperity,” Abiodun said.

He assured DP World and other partners of Ogun State’s commitment to investment, while emphasising community participation, environmental sustainability and security.

The MoUs mark a significant step in Ogun State’s long-standing ambition to develop its coastline into a major maritime and industrial hub, with the proposed port and SEZ expected to strengthen logistics, manufacturing, exports and regional trade.

The Federal Government has introduced a new tax administration order reducing the interest rate charged on late payment of taxes.

The Nigeria Tax Administration Order 2026, signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, will take effect from October 1, 2026.

The Order, issued under Section 65 of the Nigeria Tax Administration Act, 2025, links interest on late tax payments more closely to prevailing market rates.

What the New Order Says

For taxes payable in naira, interest will be charged at the Central Bank of Nigeria’s Monetary Policy Rate (MPR) plus one percentage point.

This represents a reduction from the previous five-percentage-point spread. However, the applicable rate will not be lower than the yield on 364-day Treasury Bills.

For taxes payable in foreign currency, the interest rate will be based on the Secured Overnight Financing Rate (SOFR) plus six percentage points.

The Nigeria Revenue Service (NRS) is required to publish the applicable rates on its website by the third business day of every month.

Explaining the policy, Oyedele said the new system was designed to ensure that delaying tax payments would not become a cheaper source of credit than borrowing from the market.

According to him, the new framework will also provide taxpayers with greater certainty because the applicable rates will be published monthly and applied uniformly.

New Rates Apply From October 1

The new rates will apply to interest arising from October 1, 2026, including interest on taxes that became due before that date.

However, interest that arose before October 1 will remain governed by the rules applicable at the time.

The new Order also supersedes the 2017 notice on interest on unpaid taxes and other earlier notices on the subject.

The 10 per cent penalty for late payment under Section 65 of the Nigeria Tax Administration Act remains unchanged.

Tax authorities may also waive interest or penalties where good cause is established, as provided under Section 66 of the Act.

The minister urged taxpayers to file their returns and pay their taxes on time, while those with outstanding liabilities were advised to settle them promptly or engage the relevant tax authority.

Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026, from 15.43 per cent in July, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Tuesday.

The latest figure represents a 0.04 percentage-point decline month-on-month, indicating a slight moderation in the pace of increase in the general price level.

The NBS also reported a significant slowdown in the month-on-month inflation rate, which fell to 0.71 per cent in August, compared with 1.57 per cent in July. This represents a decline of 0.86 percentage points.

According to the statistics agency, the development means that the average prices of goods and services increased at a slower pace in August than they did in July.

Food inflation also recorded a substantial moderation, dropping to 19.57 per cent year-on-year in August 2026, compared with 25.30 per cent recorded in August 2025.

On a month-on-month basis, food inflation declined sharply to 1.02 per cent in August, from 5.56 per cent in July, representing a 4.55 percentage-point reduction.

The NBS attributed the moderation in food inflation largely to changes in the average prices of several food items, including palm oil, carrots, pepper, onions, cassava flour, beef, yam flour, water yam, melon (egusi), fresh ginger, fresh fish, Irish potatoes, wheat grain, frozen chicken and turkey meat, among others.

At the state level, Adamawa recorded the highest year-on-year food inflation rate at 38.85 per cent, followed by Zamfara at 37.96 per cent and Bayelsa at 36.20 per cent.

The lowest year-on-year food inflation rates were recorded in Borno at -4.04 per cent, Jigawa at -0.23 per cent, and Kebbi at 3.47 per cent.

On a month-on-month basis, Katsina recorded the highest food inflation rate at 9.48 per cent, followed by Rivers at 8.86 per cent and Osun at 8.32 per cent.

Meanwhile, the slowest month-on-month food inflation rates were recorded in Taraba at -12.42 per cent, Borno at -12.15 per cent, and Bauchi at -8.88 per cent.

The latest NBS figures point to a broad moderation in the pace of price increases, particularly in the food sector, although inflation remains a major economic concern for households and businesses across the country.