Hon. Lucky Aiyedatiwa, Acting Governor at #DevOndo23
The Ondo State Government has announced its plan to attract $2 billion in investments from 100 donor partners and 1,500 investors, promising to offer immense possibilities and business environment for oil, gas and renewable industry investors seeking to establish refineries, processing plants and value-added industries, emphasising that the state is poised for a remarkable industrial revolution, focused on manufacturing sector.
Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, was who represented by the Acting Governor Lucky Aiyedatiwa, made this known in his opening remark during the Day 1 of the “Develop Ondo 2.0” Investment summit, which commenced on Monday in Akure, Ondo State.
According to him, the Develop Ondo 2.0 Investment Summit was a testament to the state’s collective vision and unwavering commitment to fostering economic growth, creating jobs, and improving the lives of the people of Ondo State. It is the culmination of extensive planning and preparation.
He also added that his administration is committed to driving investments in these key sectors with a commitment to creating 70,000 new jobs and engaging with an ambitious vision for a vibrant and thriving economy that uplifts the citizens of Ondo state.
Aiyedatiwa said that Ondo State has made history as the first Nigerian state to develop a comprehensive gas strategy, positioning itself as the Gas Hub of West Africa.
“This visionary strategy is aimed at harnessing our abundant gas and energy potential and is poised to attract significant investments in gas adoption and related industries.
“The development of an inland gas corridor with access to large gas reserves presents lucrative opportunities for investors seeking to capitalise on Nigeria’s evolving energy landscape.”
The Acting Governor noted that the state’s investment potential is boundless, spanning various sectors including natural gas and mineral resources such as bitumen, limestone, granite, coal, kaolin, and glass sand.
He further emphasized that those resources offer enticing opportunities for growth, prosperity, and investments in mining and solid minerals exploration.
The Acting Governor said, “Ondo State Government is on the cusp of a remarkable industrial revolution, with the manufacturing sector offering immense possibilities for oil, gas renewable and mineral resources investors seeking to establish processing and value-added industries.
Speaking about the potential of the state within the renewable energy space, the Acting Governor said renewable energy points to Ondo State’s greener and more sustainable future.
He said “Ondo State is blessed with abundant renewable energy sources, such as solar and biomass, making it an ideal location for investments in renewable energy generation and related infrastructure.”
Explaining what is being done by the State Government to entrench an environment conducive to investment, the Acting Governor said that the government of Ondo State has implemented various measures, including simplified business registration and licensing processes, reducing bureaucratic bottlenecks and streamlining procedures.
“Our investment-friendly policies, laws, and regulations provide a protective framework that safeguards investors’ interests while offering a predictable business environment,” he said.
He further said that the development of industrial parks and special economic zones aims to provide dedicated spaces and incentives for businesses to set up and expand operations.
“One such exciting endeavour is the “Port Ondo” Project, located in Erruna/Ogboti, Ilaje Local Government Area.
“This project will create one of Nigeria’s most modern ports, equipped with the largest solid minerals terminal near an Industrial City.
” The port project has received Federal Executive Council approval, and its development is set to revolutionise trade and industrial growth in our State, ” Aiyedatiwa said.
The Acting Governor further noted that the Ondo Industrial City, spread across over 2,700 hectares in Eruna/Ogboti, Ilaje Local Government Area, will operate as an industrial city with Free Trade Zone status.
He said, “This city will host industries involved in manufacturing, processing, storage, and more.”
He further noted that with access to abundant natural gas and the establishment of a 30MW Independent Power Project, the industrial city will serve as a thriving hub for industrial activities.
Highlighting other investment potential that Ondo State offers, Aiyedatiwa noted that the Benin -Ore-Sagamu-Lagos Expressway is a strategic location that is also a critical trade route in modern West Africa provides unparalleled access to regional markets, amplifying the attractiveness of our state to investors seeking robust supply chain networks.