The Ondo State Governor, Dr Lucky Orimisan Aiyedatiwa, has secured a $2.6 billion investment deal with a Nigerian private company, the Residents Group Cement, to significantly boost the state’s economy, generate thousands of jobs, and enhance agricultural productivity and industrial development.
This was disclosed on Friday after a meeting between the Ondo State Government and the investor, Dr Abbas Waziri, the Executive Director of Residents Group Cement, who accompanied the Bauchi State Governor, Bala Mohammed, on a working vist to Akure, the Ondo State capital.
Governor Aiyedatiwa appreciated the Bauchi State Governor for facilitating the opportunity for Ondo State, stressing that this aligns with his administration’s efforts to improve the economy and provide jobs for the teeming youths in the state.
“I want to specially thank Governor Bala Mohammed for this development and for personally visiting us here. I have also watched what you are doing in Bauchi State.
You’ve done so well for your people, partnering with local and international investors to develop your state, and that is what we are doing here too,“ Governor Aiyedatiwa enthused.
On the planned establishment of Residents Group Cement and Petrochemical Plant in Ondo State, Governor Aiyedatiwa confirmed that more investors are already indicating interest to tap into the state’s vast natural resources.
“We are ready, and we are building the necessary infrastructure already. I just flagged off the dualisation of Igbokoda to Okitipupa Road, and the 2nd phase will be from Okitipupa to Ore.
So, before you finish building your plant, the roads would have been completed.
The topography is beautiful. Anything petrochemical, refinery, or seaport in that axis, we have the space; and it is also a Free Trade Zone. All of this will be of benefit to investors and also to us as a people. So, I want to thank you for choosing Ondo State for this major investment,” said Governor Aiyedatiwa.
After a meeting with the investor, Dr Abbas Waziri, and his team, Governor Aiyedatiwa announced that all is set for the smooth take-off of operations, assuring them of a business-friendly environment, promising a serene atmosphere and maximum security of lives and property across the state.
Earlier, the Bauchi State Governor Bala Mohammed commended Governor Aiyedatiwa for taking bold steps to reposition Ondo State as a preferred destination for investors— lauding his efforts in unbundling alternative sources of revenue beyond the federation account, describing it as a model worthy of emulation.
Peer Review Mechanism
The Bauchi State Governor, Bala Mohammed, stated that both states—under a peer review mechanism—are committed to attracting investors for the benefit of their people.
“Far away in Bauchi, we have been watching you with keen interest. What you are doing here, there is a lot of similarity between us: providing our people with leverages and latitude to exploit their capabilities and find alternatives to earn a living to actualise their aspirations,” he said.
The Bauchi State Governor revealed that in his quest to drive development in his state, the Residents Group Cement had already establish a 1.5 billion-dollar cement factory in Bauchi State and, therefore, expressed interest in replicating the same investment in Ondo State.
Also, the investor, Dr Abbas Waziri, said his company will invest in a fertiliser production and ammonia plant as well as other petrol chemical outlets in Ondo State.
“We are looking at investing 2.6 billion dollars in the state, and within 12 months it would be ready,” Dr Waziri projected.