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Ondo State Gov Aiyedatiwa Invites UK Investors To Tap In The States Natural, Economic Resources
Ondo State governor, Lucky Aiyedatiwa, has wooed British investors to tap into the state’s abundant natural and economic resources.
Aiyedatiwa while receiving the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, and his team in Akure,
reaffirmed his administration’s readiness to deepen development ties with the United Kingdom.
The governor who described Ondo as a land of vast opportunities, told the delegation that the state remains Nigeria’s largest cocoa producer, contributing about 40 per cent of the country’s total output.
He noted that Ondo is endowed with bitumen, coal, gold, gas and other mineral resources, alongside expansive arable land suitable for agriculture.
According to him “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 several other infrastructures. Ondo is still leading in cocoa production today.”
While welcoming the team, the governor said the state’s population stands at 5.3 million, with a landmass of 15,500 square kilometres and a Gross Domestic Product (GDP) that is approximately ₦5.1 trillion, ranking seventh among Nigeria’s 36 states.
Highlighting the state’s strategic advantages, Aiyedatiwa, noted that Ondo has the longest coastline in Nigeria, which serves as a major gateway to international trade.
He added that plans were underway to develop a deep seaport to boost exports and unlock the state’s blue economy potential.
Aiyedatiwa emphasised that Nigeria’s relationship with the United Kingdom had evolved from colonial and donor dependency into a partnership centred on investment and institutional collaboration.
He commended President Bola Tinubu’s economic reforms, noting that while the policies initially caused hardship, they had begun to stabilise the economy, enabling states like Ondo to perform better financially.
The governor said that his administration had established a one-stop investment office to assist new investors from documentation to full operations, assuring that the state had significantly improved its security architecture to support business stability.
He mentioned new projects, including a modular refinery and an upcoming chemical plant, both backed by investors working with the Ondo State Development and Investment Promotion Agency (ONDIPA).
Responding, the British Deputy High Commissioner, Jonny Baxter, said his visit was aimed at exploring areas of collaboration and investment between the United Kingdom and Ondo State.
Baxter, who expressed delight at the state’s development potential, said the UK’s engagement with Nigeria had shifted from donor aid to direct investment partnerships that promote shared prosperity.
“Our relationship with Nigeria is now a partnership of equals,” Baxter said. “For instance, the British International Investment (BII) has invested over $40 million in JohnVents here in Ondo to rehabilitate cocoa plantations. We are focused on investments that will benefit both countries.”
He added that BII also provides funding to Nigerian banks to help reduce interest rates and expand credit access for small and medium-sized enterprises (SMEs).
“The aim is to make capital more affordable and accessible for Nigerian businesses. If we can reduce the cost of capital, more Nigerian institutions will grow stronger and drive economic development”, he said.
Baxter noted that the UK government was eager to understand Ondo’s public-private partnership models and identify areas where British institutions could complement the state’s economic agenda.
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Ogun State Government Announces Pension, Gratuity Backlog Clearance Between 2012 and 2020
The Ogun State Government has announced the clearance of pension and gratuity arrears owed to workers who retired between 2012 and 2020, reaffirming its commitment to the welfare of retirees.
The Economic Adviser and Commissioner for Finance, Dapo Okubadejo, disclosed this on Tuesday during a media parley organised by the Ogun State Ministry of Budget and Planning.
Okubadejo explained that the backlog was linked to the Defined Benefits Scheme, under which retirees receive monthly pension payments, stressing that the present administration of Governor Dapo Abiodun has not defaulted on pension obligations since assuming office.
“Since the inception of this administration, we have not missed a single month of pension payment. What we inherited were arrears tied to the Defined Benefits Scheme,” he said.
According to him, annual pension payments rose from ₦6.7 billion in 2019 to ₦20 billion in 2025, with projections showing a possible increase to ₦40 billion by 2029.
He disclosed that the state had so far paid ₦23.3 billion in gratuities covering retirees from 2012 to 2020, alongside ₦32.8 billion in outstanding gratuities for local government retirees inherited by the administration.
Okubadejo added that between 2019 and July 2, 2025, the state disbursed ₦93.26 billion in pensions under the Defined Benefits Scheme and ₦94.78 billion to local government pensioners.
He assured that the remaining backlog would be cleared as Internally Generated Revenue (IGR) continues to improve, noting that over 300 workers who retired in July 2025 are currently receiving six-month palliatives pending the completion of their pension documentation.
The commissioner also described the newly approved Additional Pension Benefits (APB) as the first of its kind in Nigeria, adding that amendments to the state’s pension law would be pursued to formally integrate the scheme.
On the state’s fiscal outlook, Okubadejo revealed that the 2026 budget increased from ₦1.054 trillion in 2025 to ₦1.668 trillion, while Ogun’s economy expanded from ₦3.5 trillion in 2019 to ₦18.96 trillion in 2026.
He added that IGR grew from ₦50 billion in 2019 to ₦240 billion in 2025, with projections of ₦512 billion this year.
Also speaking, the Commissioner for Budget and Planning, Olaolu Olabimtan, said the 2026 budget reflects strong fiscal reforms, noting an 85 per cent budget execution rate in 2024 and sustained financial stability.
Other commissioners highlighted sectoral achievements, including massive road construction, increased healthcare funding, rail extension plans, education support programmes, and expanded housing projects across the state.
African Democratic Congress, ADC, chieftain, Peter Obi, has urged Nigerians to focus on the country’s future and vote for a change in leadership.
Obi spoke at a meeting with Hausa/Fulani chiefs in Abuja on Wednesday.
“We have to talk about the future of our country. All of you know what is happening to our country today. That’s why we are campaigning that you vote out this government,” he said.
He described the situation in Nigeria as dire, citing insecurity, hunger and hardship.
“today we have insecurity across Nigeria. We have hunger across Nigeria. We are suffering across Nigeria. The only thing that is working in Nigeria today is bad news. Every morning you wake up is bad news,” Obi stated.
The former Labour Party presidential candidate said a new administration would prioritize social services.
“We’re urging you to vote for a change and bring a new Nigeria, where our children will be in school. Our hospitals will work,” he added.
Obi also questioned government spending priorities, particularly in the health sector.
“today, if you’re sick in Nigeria you’re praying to Almighty God because we’re now in a country where our president spends 360 billion to buy and refit his plane and spends 36 million in capital vote for the Ministry of Health. There’s nothing working,” he said.
He appealed to Nigerians to use their votes to usher in what he described as a “new Nigeria” focused on improving citizens’ welfare and restoring key public services.
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