...UK pledges $40m cocoa investment, eyes deeper economic partnership
By Adegbaju Temitope
Ondo State Governor, Mr Lucky Aiyedatiwa, has called on British investors to take advantage of the state’s vast natural and economic resources, reaffirming his administration’s commitment to fostering stronger development partnerships with the United Kingdom.
The Governor made the appeal on Wednesday, while receiving the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, and his delegation at the Governor’s Office in Akure.
Describing Ondo as “a land of immense opportunities,” Governor Aiyedatiwa highlighted the state’s dominant role in cocoa production, accounting for about 40 percent of Nigeria’s total output.
He also listed bitumen, coal, gold, gas, and expansive arable land among the state’s abundant endowments.
According to Aiyedatiwa: “This is the land of cocoa. It was from cocoa that the late Chief Obafemi Awolowo developed the Western Region, building Africa’s first television station, the Cocoa House and other major infrastructures. Ondo remains at the forefront of cocoa production today.”
The Governor, who presented a detailed profile of the state to the visiting team, noted that Ondo boasts a population of about 5.3 million, a landmass of 15,500 square kilometres, and a Gross Domestic Product (GDP) of approximately ₦5.1 trillion, placing it seventh among Nigeria’s 36 states.
He added that Ondo has the longest coastline in Nigeria, which positions it as a strategic hub for trade and maritime development.
Plans, he said, are already underway to establish a deep seaport to enhance exports and tap into the state’s blue economy potential.
Aiyedatiwa lauded President Bola Ahmed Tinubu’s ongoing economic reforms, acknowledging that although the policies initially brought hardship, they had begun to stabilise the economy, enabling states like Ondo to improve fiscal performance.
He revealed that his administration had established a “one-stop investment office” to support investors from documentation to full operations, while also strengthening the state’s security architecture to ensure business confidence.
The Governor cited recent investor-backed projects, including a modular refinery and a chemical plant facilitated by the Ondo State Development and Investment Promotion Agency (ONDIPA).
Responding, British Deputy High Commissioner, Jonny Baxter, commended Ondo’s economic potential and reaffirmed the UK’s interest in deepening its partnership with the state.
He disclosed that British International Investment (BII) had already committed over $40 million to JohnVents Industries in Ondo State to revitalise cocoa plantations.
“Our relationship with Nigeria is now a partnership of equals. We’re shifting from donor aid to direct investment that delivers mutual benefits. BII’s $40 million investment in the cocoa sector is just one example of this commitment,” Baxter said.
Baxter also revealed that the BII is working with Nigerian banks to expand access to credit for small and medium-sized enterprises (SMEs) by providing lower-interest funding.
“If we can reduce the cost of capital, more Nigerian businesses will thrive and drive national growth,” he said.
He added that the UK government was keen to understand Ondo’s public-private partnership models and identify sectors where British institutions could contribute to the state’s economic transformation agenda.
Among top government officials present were Deputy Governor, Dr Olayide Adelami; Speaker of the State House of Assembly, Rt. Hon. Olamide Oladiji; Chief of Staff, Prince Segun Omojuwa; Head of Service, Mr Bayo Philip; Attorney-General and Commissioner for Justice, Dr Olukayode Ajulo; and several members of the State Executive Council.
