Eba Oil Exploration, Olokola Deep Seaport Set To Boost Ogun’s Economic Prospects

Ogun State is set to witness a significant economic boost following President Bola Ahmed Tinubu’s approval for the commencement of commercial oil drilling at Eba in Ogun Waterside Local Government Area, alongside renewed momentum for the Olokola Deep Seaport project.

Governor Dapo Abiodun disclosed this at the weekend while receiving the Flag Officer Commanding, Western Naval Command of the Nigerian Navy, Rear Admiral Abubakar Abdullahi Mustapha, during a courtesy visit to his office at Oke-Mosan, Abeokuta.

According to the governor, President Tinubu’s approval marks a major breakthrough after years of anticipation surrounding both projects, describing the development as a turning point in Ogun State’s economic history.

“Mr President has approved the commencement of commercial oil drilling operations at Eba, Ogun Waterside. Going forward, we will begin to see increased activities in that area,” Abiodun said.

“Our proposed Olokola Port, which has been on the drawing board for several years, is now back on the table. In the last two weeks alone, we have held several meetings on Olokola, and Mr President has clearly expressed his desire to see the port become a reality.

”The Olokola Deep Seaport, to be developed as the Blue Marine Economic Zone, is expected to become operational next year. The port is designed to decongest the Lagos ports, improve logistics efficiency, and position Ogun State as a major maritime and trade hub in West Africa.”

Governor Abiodun said the project would also enhance national security, noting that the Nigerian Navy’s Forward Operations Base at Tongeji Island, approved earlier, would oversee the coastline up to Edo State.

He added that the state government provided land to facilitate the naval base in order to strengthen coastal security and prevent cross-border infiltration.

The commencement of oil drilling at Eba is expected to place Ogun among Nigeria’s oil-producing states, making it eligible for 13 per cent derivation funds.

The development is also projected to generate employment opportunities, stimulate economic growth in coastal communities, and provide funding for infrastructure and social development.

There is also potential for bitumen extraction in the area.On the economic impact of the Olokola Deep Seaport, the governor noted that the deep-water facility would accommodate large vessels, eliminate demurrage costs due to its Free Trade Zone status, and serve as a major transit point for goods destined for the hinterland, eastern and northern parts of the country.

The seaport is projected to generate substantial revenue for the state through trade, logistics, leases, and royalties, as well as create direct and indirect employment opportunities.

Abiodun also highlighted the state’s ongoing investments in infrastructure, including the Gateway International Airport and Aerotropolis at Iperu-Ilishan, which features a 4-kilometre runway capable of handling wide-body aircraft. The airport is expected to support cargo processing, agricultural exports, and logistics services.

He said the state’s integrated development strategy, which includes industrial parks, agro-processing zones, and transport infrastructure, aligns with the administration’s ISEYA agenda aimed at driving sustainable economic growth and positioning Ogun State as a leading investment destination in Nigeria.

The governor reaffirmed the state government’s commitment to collaborating with federal authorities and private investors to ensure the successful implementation of the projects.