UK Commits $40m to Ondo Cocoa Sector as British Envoy Pledges Stronger Economic Ties
AKURE, Nigeria – October 22, 2025
The United Kingdom has reaffirmed its commitment to deepening investment in Nigeria with a confirmed $40 million investment in Ondo State’s cocoa sector, as part of a shift from aid to equal economic partnership between both countries.
This was disclosed by the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, during a courtesy visit to the Ondo State Governor, Dr Lucky Orimisan Aiyedatiwa, at the Governor’s Office in Akure on Wednesday.
Baxter, who led a delegation of UK officials, said the British International Investment (BII) had already injected the funds through JohnVents, a major agribusiness firm, to rehabilitate cocoa plantations in the state — Nigeria’s largest cocoa-producing region.
“Our relationship with Nigeria is now a partnership of equals,” Baxter said. “This $40 million investment in JohnVents is part of our effort to drive mutual prosperity. We’re focused on direct investments that empower local economies and industries.”
He also revealed that BII was working with Nigerian financial institutions to reduce interest rates and expand access to capital for SMEs, noting that lower capital costs would help drive sustainable economic growth.
Governor Aiyedatiwa, in his remarks, welcomed the UK’s growing interest in Ondo, calling for more collaboration in areas such as agriculture, solid minerals, energy, and the blue economy.
Describing Ondo as “a land of untapped potential,” he highlighted its rich endowment in cocoa, bitumen, coal, gold, and gas, as well as vast arable land and the longest coastline in Nigeria—which he said would be leveraged for a deep seaport project to boost international trade.
“This is the land of cocoa,” the Governor declared. “From cocoa, Chief Obafemi Awolowo built the Western Region—Africa’s first TV station, Cocoa House and more. Today, Ondo still leads Nigeria in cocoa production.”
He told the delegation that Ondo has a population of 5.3 million, a landmass of 15,500 square kilometres, and a GDP of ₦5.1 trillion, ranking 7th in Nigeria.
Governor Aiyedatiwa also praised President Bola Ahmed Tinubu’s ongoing economic reforms, acknowledging the initial hardship but noting that the policies were beginning to stabilise the economy and enhance subnational performance.
To attract more investors, the Governor revealed that the state had set up a One-Stop Investment Office, improved its security architecture, and was working closely with the Ondo State Development and Investment Promotion Agency (ONDIPA) on strategic projects, including a modular refinery and a chemical plant.
Baxter, in response, said the UK was particularly interested in learning more about Ondo’s public-private partnership models and identifying sectors where British expertise and finance could complement the state’s economic agenda.
Other members of the visiting UK delegation included Deputy Political Commissioner, Janet Baxter; Senior Political Adviser, Wale Adebadu; Private Sector Adviser, Ms Tevi Hake Demadi; and Digital Communication Lead, Ms Ifeoluwa Hatuludu.
Also present at the meeting were Deputy Governor Dr Olayide Adelami, Speaker of the House Rt. Hon. Olamide Oladiji, and members of the State Executive Council, including several Commissioners and top government aides.
