The governments of Ondo and Bauchi states have sealed a $2.6 billion investment deal aimed at boosting fertilizer production and strengthening regions agricultural value chain.
The deal will see the establishment of a fertilizer production facility, a harmonial plant, and a petrochemical complex, all set to become operational within 12 months.
The multi-billion Naira deal is also expected to create thousands of jobs, stimulate local industries, and significantly boost agricultural productivity across the region.
Ondo State Governor Lucky Aiyedatiwa and Bauchi Governor Bala Mohammed signed the multi-billion Naira deal on Friday in Akure, joined by Abbas Waziri, Executive Director of Residents Group Cement, leading the investment.
Aiyedatiwa, during the event described the development as a major milestone in his administration’s economic transformation agenda.
“This project aligns perfectly with our vision to reposition Ondo State as a hub for industrial activity. With our deep seaport project and improving road infrastructure, we are laying a strong foundation for sustainable growth,” he said.
He noted that the proposed plant location falls within a designated Free Trade Zone, offering strategic incentives to investors and benefits to host communities.
“The typography is ideal for petrochemical and refinery operations, and we are providing a serene and secure business environment,” the governor added.
The south-west governor also emphasized ongoing infrastructure upgrades, including the dualisation of the Igbokoda-Okitipupa road, which will be extended to Ore, ensuring smooth logistics access to the industrial site.
On his part, Mohammed praised his host’s developmental strides, stating that the partnership reflects a shared vision to diversify state economies and empower citizens through industrial investment.
“What you are doing here in Ondo State mirrors our efforts in Bauchi. Through collaboration and peer learning, we are opening new frontiers for progress,” he said.
Waziri, the lead investor, expressed confidence in the project’s viability, commending the synergy between both state governments.
“We are committed to delivering on this $2.6 billion investment within the next 12 months. The environment is right, the leadership is supportive, and we are excited about what lies ahead,” Waziri declared.
