Ondo’s $2.6 Billion Breakthrough: A Game-Changer for Industrialization and Economic Prosperity By Kikelomo Isijola

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ONDO’S $2.6 BILLION BREAKTHROUGH:



A Game-Changer for Industrialization and Economic Prosperity



By Kikelomo Isijola













In a landmark development set to transform the economic landscape of Ondo State, Governor Lucky Orimisan Aiyedatiwa has secured a $2.6 billion investment deal with Residents Group Cement, facilitated by the Governor of Bauchi State, Senator Bala Mohammed. 


The deal, one of the largest in the state’s history, includes plans for a fertilizer production facility, a harmonial plant, and a petrochemical industry, all scheduled to commence within the next 12 months.


This unprecedented partnership between the two governors signals a new era of peer-driven development in Nigeria, where state leaders are transcending geopolitical boundaries to attract meaningful investments for their citizens.


Speaking at the formal announcement of the agreement, Governor Aiyedatiwa declared: 


“This is a defining moment for Ondo State. We are not just talking about industrialization; we are actualizing it. This investment will transform our economy, empower our people, and reposition our state as a production powerhouse in Nigeria.”


One of the most immediate impacts of the deal will be the creation of thousands of jobs both direct and indirect across multiple sectors. From construction and logistics to technical and managerial roles, the project is expected to significantly reduce unemployment, particularly in Ondo South, where the project is likely to be sited. Governor Aiyedatiwa, who has consistently prioritized job creation, sees this initiative as a critical step toward achieving that goal.


“Our youths need jobs, and our people need hope, this investment will deliver both. It’s about building a future that every son and daughter of Ondo State can be proud of.” The Governor said


Given that agriculture remains the backbone of Ondo’s economy, the fertilizer plant component comes at a crucial time. Local farmers frequently grapple with limited access to affordable, high-quality fertilizers. With a production facility in-state, costs are expected to drop, availability will rise, and crop yields will improve,  bolstering both food security and the livelihoods of commercial and smallholder farmers alike.


The introduction of a petrochemical industry is another leap forward for Ondo’s industrial growth. By enhancing the state’s capacity to process raw materials, it will stimulate the development of downstream industries and reduce dependence on federal oil allocations. At a time when Nigeria is striving to diversify its economy, Ondo is showing what’s possible when visionary leadership meets opportunity.


To complement and sustain this investment, the Aiyedatiwa administration is ramping up infrastructure development, notably the dualization of the Igbokoda–Okitipupa–Ore road. This critical artery will not only serve the industrial sites but also spur economic activities along its corridor, benefitting communities and local businesses.


More significantly, Governor Aiyedatiwa reaffirmed his commitment to the long-anticipated Ondo Deep Seaport project.


“We have the longest coastline and the deepest natural draft in Nigeria,” he emphasized. “The Deep Seaport is not a dream; it is a necessity and we are determined to bring it to life.”


Once operational, the seaport will ease congestion in Lagos ports, attract global investors, and position Ondo as a gateway to regional trade.


The project site lies within a designated Free Trade Zone (FTZ), offering tax incentives, duty waivers, and a streamlined regulatory framework. This status is a powerful magnet for both foreign and domestic investors and is expected to give rise to ancillary industries in packaging, warehousing, logistics, and services - further expanding job opportunities and revenue potential.


Perhaps most telling is the investor confidence this deal signals. Investors are notoriously risk-averse, and a $2.6 billion commitment reflects growing trust in the state’s governance, infrastructure readiness, and security assurances.


“We have worked hard to create an enabling environment, from infrastructure to security, from land to legal frameworks, Ondo State is ready. And we are open for business.” Aiyedatiwa said


Senator Bala Mohammed’s involvement adds both strategic depth and symbolic significance. Having previously facilitated a successful $1.5 billion cement factory in Bauchi with the same investors, his credibility and experience helped seal the deal. His role underscores the immense value of inter-state collaboration in breaking down silos and accelerating development.


Ultimately, this $2.6 billion agreement is about more than just factories and figures, it represents a bold new chapter for Ondo State. It is a declaration that the state is open for business, ready to industrialize, and capable of sustaining large-scale, transformative projects.


For the people of Ondo, it means jobs, infrastructure, agricultural support, and an economy rooted in productivity rather than dependence. Governor Aiyedatiwa has done more than attract investment, he is laying the foundation for enduring prosperity..



Hon. Kikelomo Isijola writes from Akure

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