Ondo State Governor, Dr. Lucky Aiyedatiwa, and his Bauchi State counterpart, Senator Bala Mohammed, have entered into a strategic partnership aimed at attracting a $2.6 billion investment to Ondo State.
The high-level meeting, held in Akure, the Ondo State capital, focused on plans to establish a fertilizer production and harmonial plant, alongside a petrochemical facility, all projected for completion within the next 12 months.
The investment, spearheaded by Residents Group Cement, is expected to significantly boost Ondo State’s economy, create thousands of jobs, and enhance agricultural and industrial development.
Dr. Abbas Waziri, Executive Director of Residents Group Cement, accompanied Governor Mohammed on the visit.
Speaking during the meeting, Governor Aiyedatiwa expressed gratitude to Governor Bala Mohammed for facilitating the investment initiative, describing it as a vital step in his administration’s economic revival strategy and efforts to combat youth unemployment.
“I want to specially thank Governor Bala Mohammed for this development and for personally visiting us here,” Aiyedatiwa said. “I’ve followed your impressive progress in Bauchi State in attracting both local and international investors, and that’s what we are replicating in Ondo State.”
Governor Aiyedatiwa also highlighted steps his administration is taking to realize the long-envisioned Ondo Deep Seaport project, which he described as a potential economic game-changer for the state.
“We have the longest coastline in Nigeria with the deepest draft. The process began under the last administration, and I’m committed to completing it. The deep seaport will be the first in Nigeria capable of handling modern vessels,” he added.
Commenting on the planned establishment of the Residents Group Cement and Petrochemical Plant, Aiyedatiwa revealed that more investors have begun showing interest in tapping into the state’s vast natural resources.
“We are building the necessary infrastructure. I just flagged off the dualization of the Igbokoda–Okitipupa road, with the second phase leading to Ore. By the time your plant is ready, our infrastructure will be in place,” he assured.
He further emphasized Ondo’s strategic advantages, noting that the area earmarked for the investment is within a free trade zone.
“Anything petrochemical, refinery, or seaport-related in that axis is viable. We have the land and a business-friendly environment. Ondo State is ready.”
In his remarks, Governor Bala Mohammed praised Governor Aiyedatiwa’s visionary leadership and bold economic initiatives, particularly his efforts to develop alternative revenue sources beyond federal allocations.
“Far away in Bauchi, we’ve been observing your development strides. There’s a strong similarity in our approach—empowering our people to become economically self-reliant,” Mohammed said.
He noted that under his leadership, Residents Group Cement had already established a $1.5 billion cement factory in Bauchi State, and expressed confidence in replicating the success in Ondo.
“What we are doing is under a peer review mechanism where states share ideas and attract investment to benefit their people. We are glad Ondo is leading by example,” he added.
Also speaking, Dr. Abbas Waziri of Residents Group Cement confirmed the company’s commitment to investing $2.6 billion in Ondo State for fertilizer, harmonial, and petrochemical production.
“We are looking at investing $2.6 billion in Ondo State. Our timeline for delivery is within 12 months, and we are ready to begin work,” Waziri stated.
The meeting concluded with a shared commitment to fast-tracking the investment process and ensuring that the project becomes a transformative venture for Ondo State.
