The Ondo State Government has signed Memoranda of Understanding with two investors for a deep seaport in Ilaje Local Government Area and a petrochemical fertilizer plant.
The seaport project, initially approved by the Muhammadu Buhari administration, had its licence revalidated by the Federal Government last year.
The MoUs were signed at the 2026 Ondo State Investment Summit, held in Akure, the state capital, on Monday. The summit, part of the first anniversary celebrations of Governor Lucky Aiyedatiwa, attracted various investors who discussed ways to drive the state’s economic development.
Aiyedatiwa declared that Ondo State was open for business, innovation, and global partnerships. “The summit is not a ceremonial gathering but a commitment to measurable outcomes. With partnerships across the world, the state will no longer rely predominantly on civil service structures but will reposition itself as a private sector-led industrial powerhouse driven by structured policy, regulatory clarity, and political will,” he said.
He added, “Investors do not go where there is potential alone, they go where there is structure, certainty, and political will, and Ondo State offers all three.”
Urging more investors to partner with the state, Aiyedatiwa said, “Ondo is not asking for opportunity; we are presenting opportunity. We possess one of the longest natural coastlines in Nigeria, approximately 75 kilometres with direct access to the Atlantic Ocean; one of the largest bitumen deposits in the world; rich agricultural assets including cocoa, oil palm, rubber, and timber; significant deposits of limestone, granite, kaolin and other commercially viable solid minerals; oil-producing communities in Ilaje and Ese-Odo; strategic connectivity to at least seven neighbouring states; and a strong and committed diaspora community.”
In his keynote address, Senate President Godswill Akpabio congratulated the governor on his first anniversary in office and assured that the senate would support the seaport project.
Represented by Senator Jimoh Ibrahim of Ondo South, Akpabio urged the state to adopt strategic thinking and position itself for success on the global stage. “Your achievements will speak for you. Have a strategy that can serve as your legacy even after your tenure,” he said.
The Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, called for optimism and focus, urging Nigerians abroad to see the state not merely as a point of origin but as a land of opportunity for strategic engagement.
“Investing in your homeland is not just a patriotic act; it is an economic imperative,” she said. Dabiri-Erewa noted that enabling legislation and government protocols are in place to support both local and foreign investors, and encouraged stakeholders to take advantage of initiatives designed to reposition key sectors of the economy.
“We must work together to ensure that the resources and skills of Nigerians abroad are harnessed to create jobs, build industries, and strengthen our economy,” she added.
Dr Summy Smart Francis, Special Adviser to the Governor on Entrepreneurship and Innovation, said the summit aimed to reposition the state for greater prosperity. He called on all residents of the state in the diaspora to return home and invest.
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