The United Kingdom has invested $40 million to revive the cocoa plantations in Ondo State.
Confirming this development on Wednesday in Akure, the state capital, British Deputy High Commissioner in Nigeria, Jonny Baxter, said his country’s engagement with Nigeria had shifted from donor aid to direct investment partnerships that promote shared prosperity.
He spoke during a visit by his team to Governor Lucky Aiyedatiwa, who unveiled the lucrative investment opportunities that abound in the state.
In fact, he urged British investors to tap into the state’s abundant natural and economic resources, reaffirming his administration’s readiness to deepen development ties with the United Kingdom.
The governor, who described Ondo as a land of vast opportunities, told the delegation that the state remains Nigeria’s largest cocoa producer, contributing about 40 per cent of the country’s total output.
He noted that Ondo is endowed with bitumen, coal, gold, gas and other mineral resources, alongside expansive arable land suitable for agriculture.
His words, “This is the land of cocoa,
“It was from cocoa that the late Chief Obafemi Awolowo developed the Western Region, building Africa’s first television station, the Cocoa House and several other infrastructures. Ondo is still leading in cocoa production today.”
Welcoming the visiting team, the Governor said the state’s population stands at 5.3 million, with a landmass of 15,500 square kilometres and a Gross Domestic Product (GDP) that is approximately ₦5.1 trillion, ranking seventh among Nigeria’s 36 states.
The team included the Deputy Political Commissioner, Janet Baxter; Senior Political Adviser, Wale Adebadu; Private Sector Adviser for Finance and Investment, Ms Tevi Hake Demadi; and Digital Communication Lead, Ms Ifeoluwa Hatuludu,
Aiyedatiwa highlighted the state’s strategic advantages, noting that Ondo has the longest coastline in Nigeria, which serves as a major gateway to international trade.
He added that plans are underway to develop a deep seaport to boost exports and unlock the state’s blue economy potential.
The Governor emphasised that Nigeria’s relationship with the United Kingdom had evolved from colonial and donor dependency into a partnership centred on investment and institutional collaboration.
He commended President Bola Tinubu’s economic reforms, noting that while the policies initially caused hardship, they had begun to stabilise the economy, enabling states like Ondo to perform better financially.
He also disclosed that his administration had established a one-stop investment office to assist new investors from documentation to full operations, assuring that the state had significantly improved its security architecture to support business stability.
The Governor mentioned new projects, including a modular refinery and an upcoming chemical plant, both backed by investors working with the Ondo State Development and Investment Promotion Agency (ONDIPA).
′
In his response, Baxter said his visit aimed at exploring areas of collaboration and investment between the United Kingdom and Ondo State.
Expressing delight at the state’s development potential, he said, “Our relationship with Nigeria is now a partnership of equals.
“For instance, the British International Investment (BII) has invested over $40 million in JohnVents here in Ondo to rehabilitate cocoa plantations. We are focused on investments that will benefit both countries.”
He added that BII also provides funding to Nigerian banks to help reduce interest rates and expand credit access for small and medium-sized enterprises (SMEs).
His words, “The aim is to make capital more affordable and accessible for Nigerian businesses. If we can reduce the cost of capital, more Nigerian institutions will grow stronger and drive economic development.”
Baxter noted that the UK government is eager to understand Ondo’s public-private partnership models and identify areas where British institutions could complement the state’s economic agenda.
