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BOLU-OLU ESHO
Governor Lucky Aiyedatiwa has on Wednesday assured British investors of conducive environment, urging them to explore natural and economic resources in Ondo State.
He made the call ehile receiving the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, and his team at the his in Akure, the state capital.
The governor told the delegation that the state is the largest cocoa producing state in the country with 40 per cent of the total output.
Reeling out other natural resources present in the state, Aiyedatiwa said the state is endowed with bitumen, coal, gold, gas and other mineral resources, alongside expansive arable land suitable for agriculture.
He said: “This is the land of cocoa. It was from cocoa that the late Chief Obafemi Awolowo developed the Western Region, building Africa’s first television station, the Cocoa House and several other infrastructure. Ondo is still leading in cocoa production today.”
The governor gave the profile of the state as population stands at 5.3 million, with a landmass of 15,500 square kilometres and a Gross Domestic Product (GDP) that is approximately N5.1 trillion, ranking seventh among 36 states of the federation.
The state has the longest coastline in Nigeria, which serves as a major gateway to international trade, adding that plans were underway to develop a deep seaport to boost exports and unlock the state’s blue economy potential.
Governor Aiyedatiwa commended President Bola Ahmed Tinubu’s economic reforms, noting that while the policies initially caused hardship, they had begun to stabilise the economy, enabling states like Ondo to perform better financially.
He also revealed that his administration had established a one-stop investment office to assist new investors from documentation to full operations, assuring that the state had significantly improved its security architecture to support business stability.
The Governor mentioned new projects, including a modular refinery and an upcoming chemical plant, both backed by investors working with the Ondo State Development and Investment Promotion Agency (ONDIPA).
In his response, the British Deputy High Commissioner, Jonny Baxter, said his visit was aimed at exploring areas of collaboration and investment between the United Kingdom and Ondo State.
Baxter, who expressed delight at the state’s development potential, said the UK’s engagement with Nigeria had shifted from donor aid to direct investment partnerships that promote shared prosperity.
He said: “Our relationship with Nigeria is now a partnership of equals. For instance, the British International Investment (BII) has invested over $40 million in JohnVents here in Ondo to rehabilitate cocoa plantations.
“We are focused on investments that will benefit both countries.”
According to the British Envoy, the BII also provides funding to Nigerian banks to help reduce interest rates and expand credit access for small and medium-sized enterprises (SMEs).
“The aim is to make capital more affordable and accessible for Nigerian businesses. If we can reduce the cost of capital, more Nigerian institutions will grow stronger and drive economic development,” he said.
Baxter noted that the UK government was eager to understand Ondo’s public-private partnership models and identify areas where British institutions could complement the state’s economic agenda.
On the British Envoy’s team are the Deputy Political Commissioner, Janet Baxter; Senior Political Adviser, Wale Adebadu; Private Sector Adviser for Finance and Investment, Ms Tevi Hake Demadi; and Digital Communication Lead, Ms Ifeoluwa Hatuludu.
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