Boom As Private Investors Inject $350m to boost Ondo State Economy |The Source

By Ayodele Oni, Akure

Ondo state is gradually moving away from the acronym of  civil servants’ state to an industrialized one going by revelations of a top industrialist that not less than $350 Million has been ploughed to boost the economy of the state within the last two years.

According to Chief Alex Ajipe, Manager of Ondo-Linyi Industrial Hub in Ore, this is coming from private foreign investors.

Ajipe disclosed to members of the Correspondent Chapel of the Nigerian Unions of Journalists(NUJ) on Thursday  in Akure that foreign investors now storm the state as a result of the present administration’s resolve to change the narrative of the state.

He noted that over 95 per cent of MoU signed by previous administration did not see the light of the day and that under the Akeredolu-led administration, 95 per cent MoU signed had been implemented.

“Before the advent of the present administration in 2016, there was no public industry in Ondo State that was functioning like Oluwa Glass, Ifon Ceramic, Ile-Oluji Cocoa plantation, due to  mismanagement and lost of focus, which made the state to slide from industrialisation and tagged civil servants state.

As at last count, we have over $350million of foreign direct investment that has been imported into the state, apart from the one converted to structure as confirmed by the Ministry of Trade and Investment.

“We actually have 15 different companies that are coming into the phase one of Ondo-Linyi Industrial Hub at the moment, seven of them have commenced operations, so, we still have eight to go.

“Some of companies are truck assembly plant,  textile industry that produces thread for lace fabric  and now we are installing machine to produce Ankara fabric.

“Also, we have MDF factory which is the first and only type in Nigeria and ethanol factory.

“We are still going to see battery, plastic, cooler, polythene factories and others coming to the state, which will help create employment and empowerment to the people.

“We now see why investors can take Ondo State very serious in the area of trying to exploit the potentials we have.”

The industrialist stated that no viable economy can grow without looking at private sector saying all the developing countries, even developed ones, thrive by depending on the private sector.

Ajipe disclosed further that Ondo State is gradually becoming hub of the nation with necessary arrangements concluded to commence operation of 1,000 tonnes of cement factory.

He said that “93 per cent pure limestone has been lying down at Okeluse since God created Ondo State and nobody is looking at it and this is what Governor Akeredolu is doing.

“I can assure you,  if not for COVID 19 by now the investor should be exploiting because the application for license is at the ministry of mines for approval.

While speaking on afforestation, Ajipe explained that Akeredolu has planted over six million  tree seedlings to secure wood base industry in the state.