The investment drive of Ondo State Governor, Dr Lucky Orimisan Aiyedatiwa has started yielding tangible results with the confirmation of a forty million dollars ($49million) investment in the cocoa sector of the state’s economy by British Deputy High Commissioner to Nigeria, Mr Jonny Baxter.
Baxter gave the confirmation of the huge investment into cocoa sector of the Ondo state on Wednesday during his visit to the Governor in Akure, Ondo State.
Governor Aiyedatiwa had in his statement at the meeting urged British investors to tap into the state’s abundant natural and economic resources, with the reaffirmation of his administration’s readiness to deepen development ties with the United Kingdom.
Governor Aiyedatiwa, who described Ondo as a land of vast opportunities, told the delegation that the state remains Nigeria’s largest cocoa producer, contributing about 40 per cent of the country’s total output.
The Governor noted that Ondo is endowed with bitumen, coal, gold, gas amonng other mineral resources, alongside its expansive arable land suitable for agriculture.
“This is the land of cocoa,” he said. “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 infrastructures. Ondo is still leading in cocoa production today.”
Welcoming the envoy and his team, which included 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, the Governor said the state’s population stands at 5.3 million, with a landmass of 15,500 square kilometres and a Gross Domestic Product (GDP) that is approximately ₦5.1 trillion, ranking seventh among Nigeria’s 36 states.
Highlighting the state’s strategic advantages, he noted that Ondo 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.
Ayedatiwa emphasised that Nigeria’s relationship with the United Kingdom had evolved from colonial and donor dependency into a partnership centred on investment and institutional collaboration.
He 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).
Responding, 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.
“Our relationship with Nigeria is now a partnership of equals,” Baxter said. “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.”
He added that 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.
In attendance at the event were the Deputy Governor, Dr Olayide Adelami; Speaker, State House of Assembly, Rt. Hon. Olamide Oladiji; Deputy Speaker, Rt. Hon. Ololade Gbegudu; Chief of Staff, Prince Segun Omojuwa; Head of Service, Mr Bayo Philip; Attorney-General and Commissioner for Justice, Dr Olukayode Ajulo; Commissioner for Energy and Mineral Resources, Engr. Johnson Alabi; Commissioner for Regional Integration and Diaspora Relations, Otunba Wale Akinlosotu; Commissioner for Women Affairs and Social Development, Mrs Seun Osamaye; Commissioner for Agriculture and Forestry, Engr. Leye Akinola; Commissioner for Commerce and Industry, Pastor Bola Ademuwagun; Commissioner for Youth and Sports Development, Mr Segun Omoyofunmi; Commissioner for Culture and Tourism, Mr Adesoji Afolabi; Commissioner for Health, Dr Banji Ajaka; Commissioner for Information, Mr Idowu Ajanaku; Commissioner for Education, Science and Technology, Prof. Igbekele Ajibefun; Commissioner for Infrastructure, Lands and Housing, Engr. Abiola Olawoye; Commissioner for Finance, Mrs Omowumi Isaac; Commissioner for Water Resources and Public Hygiene, Hon. Ayodele Akande; Special Adviser on Health, Dr Simidele Odimayo; Chairman, SUBEB, Rt. Hon. Victor Olabimtan; DG, OSRC Media Group, Mr Kenneth Odusola-Stevenson; among others.
