Governor Lucky Aiyedatiwa of Ondo State has sought increased investment from the United Kingdom.
He showcased the state’s vast economic potential during a meeting with the British Deputy High Commissioner to Nigeria, Jonny Baxter, on Wednesday.
The call came as Baxter confirmed that the UK’s British International Investment (BII) committed $40 million to the state’s cocoa sector for the rehabilitation of plantations.
Receiving the British delegation at the governor’s Office in Akure, Aiyedatiwa described Ondo as a state rich in untapped natural resources and reaffirmed his administration’s dedication to strengthening development ties with the UK.
He highlighted Ondo’s status as Nigeria’s top cocoa producer, responsible for approximately 40% of the nation’s total output, referencing the crop’s historic role in developing the former Western Region.
Beyond agriculture, he noted the presence of significant mineral resources, including bitumen, coal, gold, and gas.
The governor provided key statistics, stating that the state has a population of 5.3 million, a landmass of 15,500 square kilometres, and a Gross Domestic Product (GDP) of around ₦5.1 trillion, positioning it as the seventh-largest economy among Nigeria’s 36 states.
Aiyedatiwa emphasised the strategic advantage of Ondo’s longest coastline in Nigeria, revealing that plans are underway to develop a deep seaport.
This project aims to boost exports and unlock the state’s significant blue economy potential.
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To facilitate foreign capital, the administration has established a one-stop investment office to streamline the process for new investors, from documentation to full operational setup.
The governor also gave assurances of improved security for business stability and mentioned ongoing projects such as a modular refinery and a forthcoming chemical plant being backed by investors collaborating with the Ondo State Development and Investment Promotion Agency (ONDIPA).
He commended President Bola Tinubu’s economic reforms, noting that despite initial difficulties, the policies are beginning to stabilise the economy and enhance the financial performance of states like Ondo.
Baxter stated that his visit was focused on identifying opportunities for collaboration and investment. He confirmed a strategic shift in the UK’s engagement with Nigeria, moving away from a colonial and donor-aid relationship toward a partnership centred on direct investment for shared prosperity.
“Our relationship with Nigeria is now a partnership of equals,” Baxter said, citing the $40 million investment by BII in JohnVents for cocoa plantation rehabilitation in Ondo as a concrete example of this new focus.
Baxter also noted that BII provides funding to Nigerian banks to help reduce interest rates and expand credit access for small and medium-sized enterprises (SMEs), a measure aimed at making capital more affordable to drive broader economic development.
He expressed the UK government’s interest in understanding Ondo’s public-private partnership models to identify areas for institutional cooperation.
The British delegation included the Deputy Political Commissioner, Janet Baxter, and several key advisers on political, financial, and digital communication matters.
State officials, including deputy governor Olayide Adelami and the Speaker of the State House of Assembly, Olamide Oladiji, were present to welcome the British envoys.
