Ondo Governor Secures $40m UK Investment, Unveils State’s Vast Resources

Ondo State Governor, Dr. Lucky Orimisan Aiyedatiwa, has actively solicited British investors to harness the vast natural and economic wealth available in Ondo, reinforcing the state’s commitment to deepen developmental and investment partnerships with the United Kingdom.

The appeal was made on Wednesday, October 22, 2025, during a high-profile meeting with the British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, and his delegation at the Governor’s Office in Akure. The UK representative confirmed a significant $40 million investment by British International Investment (BII) towards revitalizing Ondo’s cocoa plantations.

Governor Aiyedatiwa positioned Ondo as Nigeria’s premier cocoa-producing state, responsible for approximately 40 percent of the nation’s total cocoa output. “Ondo is the land of cocoa,” he declared, referencing the crop’s historical significance in transforming the former Western Region through pioneering infrastructure such as Africa’s first television station and the iconic Cocoa House, achievements credited to the late Chief Obafemi Awolowo.

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Beyond cocoa, Ondo boasts substantial reserves of bitumen, coal, gold, gas, and vast tracts of fertile land suitable for diverse agricultural ventures. The Governor emphasized Ondo’s strategic geographic advantage, with Nigeria’s longest coastline, which serves as a gateway to international trade. Plans to develop a deep seaport are underway, aimed at boosting exports and advancing the state’s blue economy.

With a population of 5.3 million and covering 15,500 square kilometers, Ondo State’s economy is valued at about ₦5.1 trillion, ranking it seventh among Nigeria’s 36 states. Governor Aiyedatiwa highlighted that the state has strengthened its security framework and established a one-stop investment office to streamline the entry and operations of investors.

He further noted ongoing projects including a modular refinery and an upcoming chemical plant, both championed by investors collaborating with the Ondo State Development and Investment Promotion Agency (ONDIPA).

Responding on behalf of the UK government, Deputy High Commissioner Jonny Baxter described their engagement as moving away from aid dependency to equal partnerships focused on mutual prosperity. He underscored BII’s commitment to economic empowerment, affirming the $40 million investment in cocoa rehabilitation and the provision of funding to Nigerian banks to enhance credit availability and reduce interest costs for SMEs.

The UK delegation expressed keen interest in exploring Ondo’s public-private partnership frameworks and identifying complementary avenues for collaboration. The visit featured prominent state officials including the Deputy Governor, legislative leaders, commissioners across sectors, and key administrative staff.

This visit signals a deepening of UK-Ondo ties towards sustainable economic growth anchored on Ondo’s untapped resources and strategic initiatives, aligned with broader national economic reforms championed by President Bola Ahmed Tinubu.