$2.6 Billion Investment Deal Sealed as Ondo, Bauchi Governors Partner on Agriculture, Industrial Growth
By Exponent News, Akure – 11th July, 2025
In a significant move poised to transform Ondo State’s economic landscape, a $2.6 billion investment agreement has been sealed for the establishment of petrochemical and fertilizer plants, following a high-level meeting between Ondo State Governor, Dr. Lucky Orimisan Aiyedatiwa, and his Bauchi State counterpart, Senator Bala Mohammed, in Akure.
The landmark development emerged as both governors met to deepen inter-state collaboration in agriculture, industrialization, and investment promotion, signaling a new era of peer-driven economic growth across Nigeria.
The major investment, to be executed by Residents Group Cement, is spearheaded by its Executive Director, Dr. Abbas Waziri, who accompanied Governor Mohammed on the visit. The project will feature a harmonial plant, fertilizer production facility, and a petrochemical complex—all to be completed within 12 months in Ondo State.
Governor Aiyedatiwa, while welcoming the Bauchi delegation, described the partnership as a strategic breakthrough in his administration’s quest for sustainable development and job creation.
“I sincerely thank Governor Bala Mohammed for facilitating this opportunity and bringing Dr. Waziri to Ondo. This aligns with our mission to open up Ondo State to serious investors and create thousands of jobs for our youth,” Aiyedatiwa stated.
He highlighted ongoing infrastructure projects that will support the investment, including the dualization of the Igbokoda-Okitipupa road, as part of the larger plan to industrialize the southern corridor of the state.
Governor Aiyedatiwa also reiterated his administration’s commitment to completing the Ondo Deep Seaport project, describing it as a critical catalyst for regional and national trade.
Governor Bala Mohammed, in his remarks, praised the economic direction of Ondo State and affirmed that states must begin to take the initiative in driving development beyond federal allocations.
“What Governor Aiyedatiwa is doing here is impressive. We are adopting similar strategies in Bauchi. This partnership shows the power of subnational collaboration,” he said.
Mohammed also revealed that Residents Group Cement had earlier launched a $1.5 billion cement factory in Bauchi State, and its decision to replicate an even larger investment in Ondo reflects the growing confidence in state-led economic initiatives.
Dr. Waziri, the lead investor, commended the investment climate in Ondo State, noting that the government’s infrastructure push and policy clarity were key motivators for his company’s interest.
“We’re committing $2.6 billion here. This is a long-term venture, and we’re confident the environment will support our growth,” Waziri assured.
Top government officials present at the meeting included the Deputy Governor, Dr. Olayide Adelami; Secretary to the State Government, Dr. Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; and the Administrative Secretary of the Ondo State Investment Promotion Agency (ONDIPA), Barr. Emmanuel Omomowo.
