Akure: Gov. Lucky Aiyedatiwa of Ondo State has urged British investors to tap into the state’s abundant natural and economic resources. Aiyedatiwa reaffirmed his administration’s readiness to deepen development ties with the United Kingdom. The governor made the call while receiving the British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, and his team at the Governor’s Office in Akure.
According to News Agency of Nigeria, Aiyedatiwa described the state as a land of vast opportunities and highlighted that Ondo State remains Nigeria’s largest cocoa producer, contributing about 40 percent of the country’s total output. He stated that the state is endowed with bitumen, coal, gold, gas, and other mineral resources, alongside expansive arable land suitable for agriculture.
The governor emphasized the historical significance of cocoa in the region, noting that it was from cocoa that the late Chief Obafemi Awolowo developed the Western Region. He also pointed out that Ondo continues to lead in cocoa production today. Aiyedatiwa detailed that the state’s population stands at 5.3 million, with a landmass of 15,500 square kilometers and a Gross Domestic Product (GDP) of approximately ?5.1 trillion, ranking seventh among Nigeria’s 36 states.
Aiyedatiwa further noted the strategic importance of Ondo’s coastline, which serves as a major gateway to international trade. He mentioned ongoing plans to develop a deep seaport to boost exports and unlock the state’s blue economy potentials. The governor commended President Bola Tinubu’s economic reforms, which, despite initial hardships, have begun to stabilize the economy and enable states like Ondo to perform better financially.
He outlined initiatives to support new investors, including the establishment of a one-stop investment office to assist from documentation to full operations, and improvements in the state’s security architecture to enhance business stability. Aiyedatiwa also highlighted new projects such as a modular refinery and an upcoming chemical plant, supported by investors working with the Ondo State Development and Investment Promotion Agency (ONDIPA).
Speaking on behalf of the UK, the British Deputy High Commissioner expressed his intent to explore areas of collaboration and investment between the UK and Ondo State. Baxter was impressed by the state’s development potential and noted that the UK’s engagement with Nigeria has transitioned from donor aid to direct investment partnerships promoting shared prosperity. He mentioned that the British International Investment (BII) has already invested over $40 million in JohnVents to rehabilitate cocoa plantations in Ondo.
Baxter also announced funding to Nigerian banks to help reduce interest rates and expand credit access for small and medium-sized enterprises (SMEs), aiming to make capital more affordable and accessible for Nigerian businesses. He emphasized that reducing the cost of capital would enable more Nigerian institutions to grow stronger and drive economic development.