The Ondo State Government has expressed its readiness to establish a fertiliser production and harmonial plant, as well as a petrochemical industry valued at $2.6 billion within the next 12 months through a private company, ‘Residents Group Cement’ in order to boost the state’s economy.
Governor Lucky Aiyedatiwa, who stated this on Friday while hosting Bauchi State Governor Bala Mohammed, in Akure, the Ondo State capital, therefore, said the massive investment would also generate thousands of jobs and enhance agricultural productivity and industrial development in the State.
Governor Aiyedatiwa, who appreciated the Bauchi State Governor for facilitating the opportunity for Ondo State, noted that the proposed investment is in tandem with his administration’s efforts to improve the economy and provide jobs for the teeming youths in the State.
He said, “I want to specially thank Governor Bala Mohammed for this development and for personally visiting us here. I have also watched what you are doing in Bauchi State; you’ve done so well for your people, partnering with local and international investors to develop your state, and that is what we are doing here too.”
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The governor took the opportunity to outline concrete steps already being taken towards the actualisation of the long-awaited Ondo Deep Seaport project, which he described as a game-changer for the state’s economic growth.
“We have the longest coastline in Nigeria with the deepest draft. It has always been there but for some reason it has not been tapped but this time around, the last administration started the process which I am trying to complete it now to build a deep seaport, a first in Nigeria that can take a modern vessel”, he said.
On the planned establishment of “Residents Group Cement and Petrochemical Plant” in Ondo State, Governor Aiyedatiwa confirmed that more investors are already indicating interest to tap into the State’s vast natural resources.
“We are ready and we are building the necessary infrastructure already. I just flagged off the dualization of Igbokoda to Okitipupa road and the 2nd phase will be from Okitipupa to Ore. So, before you finish building your plant the roads would have been completed.
“The typography is beautiful. Anything petrochemical, refinery, seaport in that axis, we have the space and it is also a free trade zone. All of this will be of benefit to investors and also to us as a people. So, I want to thank you for choosing the Ondo State for this major investment.”
He, therefore, assured the investor and his team of a business-friendly environment, promising a serene atmosphere and maximum security of lives and property across the State.
Earlier, the Governor of Bauchi State Bala Mohammed, commended Governor Aiyedatiwa for taking bold steps to reposition Ondo as a preferred destination for investors.
He lauded Aiyedatiwa’s efforts in unbundling alternative sources of revenue beyond the federation account, describing it as a model worthy of emulation.
Mohammed stated that both States, under a peer review mechanism, are committed to attracting investors for the benefit of their people.
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He said, “Far away in Bauchi, we have been watching you with keen interest. What you are doing here, there is a lot of similarity between us, providing our people with leverage and latitude to exploit their capabilities and find alternatives to earn a living to actualise their aspirations.”
The Bauchi governor revealed that in his quest to drive development in his state, Residents Group Cement had already established a $1.5 billion cement factory in Bauchi State and therefore expressed interest in replicating the same investment in Ondo State.
Also, the investor, Abbas Waziri, said his company would invest in fertiliser production and harmonial plant as well as other petrochemical outlets in Ondo State.
“Ondo, as far as I am concerned, is still a green field for everybody to come and invest in. So we saw the opportunity to come and invest in fertiliser production, and also harmonial plant, and also other petrochemical industry, oil and gas generally. So we are looking at investing probably about 2.6billion dollars in the state, and by the grace of God, from now to the next 12 months, Ondo state people will see our hands on the ground”, Waziri said.
