The Ondo State Government has signed Memoranda of Understanding with two investors for the development of a deep seaport in Ilaje Local Government Area and a petrochemical fertiliser plant.
The seaport project, which was initially approved under the administration of former President Muhammadu Buhari, had its licence revalidated by the Federal Government last year.
The agreements were signed during the 2026 Ondo State Investment Summit held in Akure on Monday. The event formed part of the first anniversary celebrations of Governor Lucky Aiyedatiwa and attracted investors focused on driving economic development in the state.
Declaring the state open for business, innovation and global partnerships, Aiyedatiwa said the summit was designed to achieve measurable outcomes.
“The summit is not a ceremonial gathering but a commitment to measurable outcomes. With partnerships across the world, the state will no longer rely predominantly on civil service structures but will reposition itself as a private sector-led industrial powerhouse driven by structured policy, regulatory clarity, and political will,” he said.
He added that investors are drawn not only to potential but also to structure, certainty and political will, which Ondo State, according to him, offers.
Highlighting the state’s assets, the governor pointed to its approximately 75-kilometre natural coastline with access to the Atlantic Ocean, vast bitumen deposits, rich agricultural resources including cocoa, oil palm, rubber and timber, as well as solid minerals such as limestone, granite and kaolin. He also cited oil-producing communities in Ilaje and Ese-Odo and strategic connectivity to at least seven neighbouring states.
In his keynote address, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, congratulated the governor on his first anniversary and assured the state of the Senate’s support for the seaport project.
He urged the state government to adopt strategic planning that would outlive the current administration.
Also speaking at the summit, the Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, encouraged Nigerians abroad to view Ondo not merely as a place of origin but as a destination for strategic investment.
“Investing in your homeland is not just a patriotic act; it is an economic imperative,” she said, noting that enabling legislation and government protocols are in place to support both local and foreign investors.
Dr Summy Smart Francis, Special Adviser to the Governor on Entrepreneurship and Innovation, said the summit aimed to reposition the state for greater prosperity and called on indigenes in the diaspora to return home and invest.
