Ondo popularly referred to as the “Sunshine State” was created on the 3rd of February 1976 from the former Western State of Nigeria. It has 19 local government areas and originally included what is now Ekiti state, which was founded in 1996 by General Sanni Abacha. Its capital is Akure. There are numerous dialects of Yoruba spoken in Ondo state (Akoko, Akure, Apoi, Idanre, Ijaw, Ikale, Ilaje, Ondo and the Owo).
Ondo is blessed with resourceful, industrious and hospitable people. The state boasts subsistence farmers, fishermen and traders as well as a seasoned crop of educated elite which led to its classification as one of the most educationally advanced states in Nigeria. The lifestyle of the people includes energetic dancing, the production of clothes, wood crafts, carved house-posts, decorated doors etc. Antiquities and artefacts have also been preserved and are displayed in traditional palaces. Ondo, with a land mass of 14,789sqkm, is larger than Connecticut and only just smaller than Hawaii. It lies geographically on the tropical belt and is bordered in the north by Ekiti and Kogi; east by Edo state; west by Oyo and Ogun and in the south by the Atlantic Ocean.
The economy of Ondo State, is the sixth largest in Nigeria and is dominated by oil and crop production. Akure is its capital city. The state is endowed with abundant natural resources ranging from favourable climatic conditions for crop production to huge mineral deposits, rich forest resources and with the longest coastal line of over 180km in Nigeria.
These abundant resources coupled with the state’s location and safety make it attractive to investment in a number of areas. Sectors of great potential within the state ar0e; mineral resource exploitation, agriculture and agro-processing, tourism and infrastructure provision.
Ondo presents a spectrum of investment opportunities across a range of sectors. Investment in around Ondo State can help drive socio-economic transformation, there is long term potential in this area.
Indeed the most important investment advantage of Ondo State is the fact that the State is the Most Peaceful among fellow comity of States in the Oil Rich Niger-Delta region in Nigeria. This factor coupled with the sincerity, ingenuity and Investment friendly policies of the Ondo State Government is perhaps responsible for the high rate of Investors, Donors and Partners thronging the State to have a feel of a realistic investment situation currently being experienced in the State.
Ondo State is blessed with mineral resources such as bitumen and other resources that can be mined and shipped out at viable cost. Oil & Gas, Ondo State produces 12% of Nigeria’s output, other mineral resources found in the state are; Quart sand, Clay, Granite, Limestone, Talc, Kaolin, Coal, Columbine, Rock, Tin, River, Mineral deposits, Bitumen which is the 2nd largest in the world, Ocean fronts and the largest Coastline in Nigeria.
Extensive fertile soil suitable for agriculture with Sub- Savannah forest suitable for cattle grazing in the northernFringes. Vast forest resources, variety of timber species e.g. Teak, Gmelina, Manzonia e.t.c. Ondo State is the largest producer of cocoa in Nigeria, other cash crops grown in the state include Rubber, Cashew, Kola nut, oil palm etc.
Ondo state is an investment Haven in 21st century as the State is having the largest deposit of mineral resources. It has the ability to produce glass in commercial quantity as a result of the ongoing effort of the State Government at Generating Power through Government’s investment in the 30MW Power Plant currently under construction. Equally the Federal Government has just commissioned the Omotosho Power Plant to complement the efforts of the State’s Government in Industrializing the State.
Akure Town, Ondo State,Nigeria.
Investment Opportunities within the state:
Agriculture & Agro-processing
• Crop production
• Aquaculture activities
• Livestock farming
• Cash crop processing i.e. cocoa and oil palm
• Food crop processing i.e. maize, cassava, yam
• Fish and Shrimp processing
• Timber processing
Oil and Natural Gas (Upstream and Downstream)
• Surveying and Civil works
• Exploration and production of crude oil
• Refining of crude oil
• Manufacture of petrochemicals
• Marketing of petroleum and gas products
• Bitumen, Kaolin and Salt exploration
• Partnership with the state to develop and manage existing tourist sites
• Provision of hotels, restaurants
OLOKOLA DEEP SEAPORT AND FREE TRADE ZONE:
Ondo and Ogun Sate Governments recently conceived the idea of developing a deep-seaport and Free Zone (FTZ) around Olokola in the coastline areas of Ondo and Ogun State. The project is proposed to be private sector led with a maximum of 40% government participation.
It is conceived as an integrated multi-purpose deep-seaport complex and Free Trade Zone, Serving also as Oil and Gas logistics base as well as Export Processing Zone. Based on the cost of comparable projects elsewhere, Olokola Port/FTZ Project, when completed, is estimated to cost between $350m and $400m.
The Project focuses on promoting international Trade, Transit Trade, Bonded Storage and Export processing as well as other ancillary businesses including Banking, Offshore Finance, Insurance, Futures Market, Commodity Exchange, Wharf Management, Haulage, Forex Operations, IT and other related businesses.
The principal town in the area is Araromi seaside. There is also an assortment of small villages such as Osasogodomu, and Lokuta. The area is generally flat with the expanse of land traversed by streams with the sandy beach overgrown with grasses. This essentially green-field site is presently largely undeveloped. However, this situation will change as the public infrastructure development programmes of the Federal Government, Ondo State Government, and Ogun State Government and Ondo State Oil Producing Areas Development Commission (OSOPADEC) and the Niger/Delta Development Authority (NDDC) are executed in the next few years
INVESTMENT OPPORTUNITIES IN AGRICULTURE:
Ondo State is blessed with environmental factors favourable for agricultural production. With vegetable ranging from the swampy forest of the coastal plains, to the rainforest of the midlands and to the savannah in the north of the state. Ondo State can produce virtually all major crops grown in Nigeria. With a long coast line and several perennial rivers, the state also has potentials for fishing and aquaculture. Cocoa, oil palm, rubber, citrus and cashew are tree crops that offer the best potentials while rice, maize, cassava, sugar cane, yams, plantains, pine apple and vegetables such as tomato and pepper are valuable food crops that thrive in the state.
INCENTIVES TO PROSPECTIVE INVESTORS:
A package of incentives has been introduced to provide a favourable climate for the establishment of industries by prospective investors in Ondo State.
(i) Enabling political environment through the establishment of good . governance and security.
(ii) Easy land acquisition through the Ministry of Lands and Housing which maintains a large area of agricultural and industrial land bank. Industrial estates are also provided with infrastructural facilities to enable investors cut down cost.
(iii) Easy access to certificate of occupancy for required land Application for letter of consent to mortgage property on the state industrial Estates shall be processed free.
(iv) Statutory defined pioneer industries shall be given two years moratorium for the payment of tenement rates on business premises after commissioning.
(v) Foreign and local investors wishing to establish in the state and sourcing their raw materials locally shall be allowed installmental payment of the cost certificate of occupancy and will be exempted from all rates for period of three years after commissioning.
(vi) Provision of free advisory and counselling services on investment opportunities, sources of plant and machinery and raw materials to prospective investors.
(vii)Provision of free advisory and counseling services on investment opportunities, sources of plant and machinery and raw materials to prospective investors.
(viii) Investment counselling on sources of plant and machinery and raw materials to prospective investors.
(ix) Provision of soft loan to small scale industrialists through the Ondo State Micro-Credit Agency (OSMA)
(x) Ready pool of skilled labour that can be easily integrate into industries due to high literacy rate in Ondo State.
MINERAL BASED INVESTMENT OPPORTUNITIES:
Ondo State like several other states in Nigeria is well endowed with various mineral resources of economic quality and excellent quality. Unfortunately, however, over ninety- five percent of these minerals are unexploited and unutilized.
Ondo State is underlain by two major rock groups: The basement complex of precambrian age (3,000m.y-500 m.y.) and sedimentary rocks of cretaceous to recent age (120million years present ).the basement complex underlies the northern part of the state and is made up of three groups of rocks, namely the migmatite gneiss complex ; the met sediment and the older granites. The Southern parts of the State is underlain by sedimentary rocks, consisting of sands, sand stone, shale, clay and limestone. two group of mineral exist in Ondo State; on-metallic mineral and mineral fuels. On-metallic minerals (industrial minerals) occur extensively throughout the state while mineral fuel, such as coal lignite and bitumen exist within the sedimentary belt of the state around Agbabu, Okitipupa, Okeluse and Ute.