“Ondo State is the new virgin space for investment” – Ologbese.
Information about what Ondo State has to offer the global investors take center stage at the recent Export Forum in Moscow. The Export Forum organized by Mosco Export Center has become a centrifugal power where various investors and investment hunters find solace to interact and brainstorm.
It is therefore most welcoming to notice the presence of Arakunrin Oluwarotimi Odunayo Akeredolu SAN CON, the Executive Governor of Ondo State, Nigeria ably represented by the State Commissioner for Regional Integration and Diaspora Relations, Hon. Prince Boye Ologbese at the event.
In this international Export Forum, Prince Ologbese exposes the possible investment opportunities in Ondo State to the various leaders of tots present. The Nigerians in Diaspora Organisation (NIDO), Russian Chapter was indeed glad to have a detailed exposé of the rich opportunities available in Ondo State at the reach of willing investors across the globe.
Hon. Prince Ologbese, the Ondo State Commissioner delivered a presentation that encapsulates the totality of what Ondo State has to offer. The complete statement is as below:
PRESENTATION BY PRINCE JOSEPH ADEBOBOYE OLOGBESE, THE HONOURABLE COMMISSIONER FOR REGIONAL INTEGRATION AND DIASPORA RELATIONS, ONDO STATE, NIGERIA AT THE EXPORT FORUM ORGANISED BY THE MOSCOW EXPORT CENTRE ON 26TH OF MAY, 2023.
INTRODUCTION:
I bring warm greetings from the Government and the good people of Ondo State. It is heart warming to be part of this auspicious event organized by the Moscow Export Centre, Russia, a one-stop-shop for exporters, providing financial and non-financial support for businesses to enter foreign markets. I wish to acknowledge most sincerely Nigerians in Diaspora Organisation (NIDO), Russia Chapter for their collaboration with Ondo State Government and unalloyed commitment towards connecting the Diaspora for the development of their home country and Africa at large. On behalf of Ondo State Government, under the leadership of Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON I thank the organizers for giving us this elaborate platform to enlighten the crème de la crème in the business empire of Russia about the various investment opportunities that abound in Ondo State, Nigeria.
Investing and investment are essential part of modern life. With right investment opportunities, investors can create a more financially stable future. However, finding the right investments can be challenging; it is on this note that I am here to present the most promising investment opportunities available in Ondo State, Nigeria.
PROFILE OF ONDO STATE OF NIGERIA: Ondo State is one of the 36 States of the Federation of Nigeria, located in the South Western Zone of the country. The State is peaceful and blessed with resourceful, industrious and hospitable people.
INVESTMENT AND BUSINESS OPPORTUNITIES IN ONDO STATE: There are numerous business opportunities to offer the global stage and we are committed at using every available platform both home and abroad to create awareness about our economic potentials. Taking into cognizance the areas of cooperation as indicated in the light of this event, I am duty-bound to discuss the Key investment opportunities in Ondo State, Nigeria along those areas:
FOOD: The State is a predominantly an agrarian State and 80 per cent of the land is arable and can be used for lucrative and commercial agriculture. We are the largest producer of Cocoa in Nigeria. There are vast opportunities for cocoa production and processing for local and foreign consumption.
Oil Palm: Oil Palm trees thrives in all parts of the State and there are various products that are obtainable from Oil Palm trees, especially Palm Oil and Palm Kernel Oil. Opportunities abound for collaborations with private or institutional investors to invest on large-scale production and processing.
Major Crops: the major food crops produced in large quantities in the State are; Cassava, Yam, Rice, Maize, Cocoyam and Sugarcane. The increasing international demand for these crops is an open opportunity for investors. Ondo State, Nigeria remains the most efficient producer of Cassava in Nigeria with an average yield of 17.8 tonnes/H. We also have opportunities in aquaculture. Ondo State is a right business destination for fish and crayfish business. The longest coastline in Nigeria that is about 180km is in the State. Consequently, we have varieties of exotic fish and seafood. We desire investors that will collaborate with the State Government to establish sugarcane plantations across the State in order to boost production and make it readily available for other economic uses.
CONSTRUCTION: Under this particular area, I wish to draw your attention to Ondo Deep Sea Port. The Federal Government of Nigeria has approved the establishment of PortOndo and as well granted the operating licence. Foreign investors are already showing interest to support the State Government in the construction of the Port. The Port is intended to be funded through Public Private Partnerships (PPPs) and the estimated CAPEX for its development is $1.5bn. It has a design size of 91 hectares and the potential to become the maritime hub in West Africa due to the long coastline. It has over 180km coastline with natural depths of 14M-18M. It is capable of handling the largest class of container vessels.The Port will definitely fast track the exploitation of the huge Bitumen deposit in the State, which is the 3rd largest in the world with a size of about 42 billion barrels.It will have mineral terminal to provide needed services for the solid minerals that abound in the State and across the country.
Key Areas of Partnership with the State include the development of the Deep Sea Port, offshore logistics base development and coastal road development.
Industrial City: It is strategically positioned on a 2,771.2 hectares of land adjacent to the Deep Sea Port and has the capability to become one of the premier economic industrial zones in Nigeria; It has a Free Trade Zone status. Several companies have been established and are operational.There is seamless ease of ownership owing to the fact that the industrial lease of land per SQM is quite affordable for investors and there are other incentives provided by the State Government.
Construction of Diaspora Estate: The State is already working tenaciously on this project, aimed to be facilitated through Diaspora Direct Investment. It is our wish to build an estate with top-notch facilities and adequate security for Diasporas and foreign visitors who may choose to come for vacation in Ondo State, Nigeria.
OIL AND GAS EQUIPMENT AND EQUIPMENT FOR GEO-EXPLORATION: Ondo State is one of the oil producing States in Nigeria and it has one of the largest natural gas deposits in the world.In June 2021, the State Government flagged off the construction of Nigeria’s first privately owned Gas Inland LPG Terminal, an initiative coming at a time that demand for gas by millions of homes in Nigeria rose astronomically. In September 2021, it was reported that 21,606.301 MT of gas was imported from the USA, while 13,044.266 was imported from Algeria and 12,573.779 MT was brought into Nigeria from Equatorial Guinea. Consequently, any investor that wishes to invest in gas exploration is highly welcomed to Ondo State. It will also be of great advantage for industries that have required tools and technologies used for oil and gas exploration to make themselves available to provide services.
FERTILIZERS FOR AGRO-INDUSTRIAL COMPLEX: Farming is one of the major occupations of the people of the State and the fact that there are private investors already in the State occupying about 60,000 hectares of land at present connotes that investment in Agriculture will be massive in the State. Consequently, investing in fertilizers for the agro- industrial complex in Ondo State will be a profitable venture that should be considered; giving the importance of fertilizers in improving crop yields and increasing agricultural productivity.Investing in the establishment of a fertilizer manufacturing plant for local consumption and exportation to other countries from Ondo State is a lucrative business opportunity available in Ondo State, Nigeria.
MEDICAL PRODUCTS: Presently, our State is upgrading the facility in the University of Medical Sciences (UNIMED) Teaching Hospital. The University is the third specialized medical university in Africa and the first specialized university to be accredited in Nigeria. We are using this opportunity to invite investors that are ready to invest on medical products; particularly in BIOTEC. Why do you need to harness Business Opportunities in Ondo State? With all our readily available economic resources, Ondo State is highly committed at creating enabling environment for businesses to thrive without any impediment. Our State can be broadly assessed using the following parameters: Ease of Doing Business: According to Presidential Enabling Business Environment Council (PEBEC) Ondo State was ranked number eight (8) and the only South West State that made the top ten (10) in the Nigeria. You may wish to ask the question, how did Ondo State managed to attain this enviable pedestal? Distinguished ladies and gentlemen, this credential was earned due to our state of infrastructure; adequate security of lives and property, skilled and readily available workforce to help you achieve your lofty dreams; access to quality information and reliable legal framework. Transparency and integrity are the watchwords of our State Government.
Considerate Investment Policies by the State Government: The State has laudable Investment and Industrial policies in place. We have also duly put into consideration areas that might likely pose a challenge, such as acquiring land/space to do your business. The good news is that our State Government is ready to make land available to support your business as permissible under the extant laws of the State.
CLOSING:
Without mincing words and indisputably, Ondo State is the new virgin space for investment in Nigeria and Africa. To all interested investors willing to research further into business opportunities in the State, you may wish to reach us through the following contacts: Ministry of Regional Integration and Diaspora Relations, Akure, Ondo State, Nigeria. Email address ondoridr2022@gmail.com.
Ondo State Development and Investment Promotion Agency (ONDIPA) Phone Number +234 805 388 8182.
Once again I bring you an unreserved greetings from Arakunrin Olurotimi Odunayo SAN CON, the Executive Governor of Ondo State, Nigeria.
Thank you.
Source: Weekly Impact
