Ondo, Bauchi seal $2.6BN investment in petrochemical, fertilizer production

Ondo State is set to benefit from a major investment initiative following a strategic meeting between Governor Lucky Aiyedatiwa and his Bauchi State counterpart, Bala Mohammed in Akure.

The visit, which signalled a new phase of inter-state cooperation, has catalysed plans for a $2.6 billion investment in agro-industrial projects within Ondo State.

Central to the development is the proposed establishment of a fertilizer and harmonial production plant, alongside a petrochemical industry, by RESIDENTS GROUP CEMENT.

The investment, expected to materialise within 12 months, is anticipated to create thousands of jobs, stimulate agricultural productivity and elevate the state’s industrial capacity.

The company’s Executive Director, Dr Abbas Waziri, accompanied the Bauchi State delegation and outlined the company’s readiness to commence operations. The move is inline with the Ondo State government’s economic strategy aimed at revitalising key sectors and positioning the state as an investment destination of choice.

During the high-level engagement, both governors expressed mutual commitment to leveraging their states’ resources to drive sustainable development.

Governor Aiyedatiwa reaffirmed his administration’s commitment to infrastructure development to support investment inflows, highlighting ongoing road projects and plans to complete the Ondo Deep Seaport. The deep seaport project, designed to exploit the state’s extensive coastline and deep draft, is expected to revolutionise maritime logistics and trade in the region.

The Governor also underscored the advantages of the state’s free trade zone and natural topography, which he described as ideal for heavy industrial activities such as petrochemical processing and refining.

Bauchi State Governor, Bala Mohammed acknowledged the alignment between both states’ economic aspirations.

He noted the prior success of RESIDENTS GROUP CEMENT in Bauchi, where a $1.5 billion cement plant has already been established. The company’s expansion into Ondo is seen as an opportunity to replicate that success and deepen industrial ties between the two states.

The proposed investment also includes plans to promote animal husbandry, especially goat and rabbit farming, sectors in which Ondo State holds comparative advantages. Discussions are ongoing to facilitate a smooth take-off, with the state government assuring investors of a business-friendly environment and security support.

The meeting was attended by top officials including Ondo State 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.