Britain confirms $40m stake in Ondo Cocoa sector
By Julius Alabi, Akure
Ondo State’s drive for global investment received a major boost on Wednesday as the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, pledged stronger economic collaboration with the state and confirmed a $40 million British investment in its cocoa sector.
Governor Lucky Orimisan Aiyedatiwa, who hosted Baxter and his delegation at the Governor’s Office, Akure, used the occasion to woo more British investors to tap into Ondo’s abundant natural and economic resources, reaffirming his administration’s readiness to deepen development ties with the United Kingdom.
Describing Ondo as “a land of vast opportunities”, Aiyedatiwa said the state remains Nigeria’s leading cocoa producer, contributing about 40 per cent of the nation’s total output.
He noted that beyond cocoa, Ondo is richly endowed with bitumen, coal, gold, gas and extensive arable land ideal for large-scale agriculture.
“This is the land of cocoa,” the Governor declared. “It was from cocoa that the late Chief Obafemi Awolowo built the Western Region, from Africa’s first television station to Cocoa House and other landmark projects. Ondo remains the heart of cocoa production in Nigeria today.”
The Governor highlighted Ondo’s economic profile, noting its population of 5.3 million people, a landmass of 15,500 square kilometres, and a Gross Domestic Product (GDP) of about ₦5.1 trillion — ranking seventh among Nigeria’s 36 states.
He also emphasized that Ondo has the country’s longest coastline, offering immense opportunities for international trade and maritime investment.
Aiyedatiwa disclosed that plans were already underway to develop a deep seaport to harness the state’s blue economy potential and strengthen its position as a major export hub.
He noted that Nigeria’s long-standing relationship with the United Kingdom had evolved from colonial ties and donor support to a modern partnership focused on mutual investment, innovation, and institutional collaboration.
Commending President Bola Ahmed Tinubu’s ongoing economic reforms, Aiyedatiwa acknowledged the temporary hardship they caused but maintained that the policies had begun to stabilize the economy, making states more financially resilient.
He explained that his administration had created a one-stop investment office to provide seamless support for investors from documentation to operations, while also strengthening the state’s security architecture to ensure business confidence.
Aiyedatiwa further disclosed that new industrial projects were springing up in the state, including a modular refinery and a chemical plant — both initiatives facilitated through the Ondo State Development and Investment Promotion Agency (ONDIPA).
In his response, British Deputy High Commissioner, Jonny Baxter, said the UK’s engagement with Nigeria had moved from donor aid to a partnership based on mutual prosperity and private sector investment.
“Our relationship with Nigeria is now a partnership of equals,” Baxter said. “For example, 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.”
Baxter also revealed that BII was working with Nigerian financial institutions to provide affordable capital for small and medium-scale enterprises (SMEs), thereby reducing interest rates and promoting inclusive growth.
“The aim is to make capital more affordable and accessible to Nigerian businesses,” he noted. “If we can lower the cost of capital, more institutions will thrive, creating jobs and driving economic development.”
He added that the UK government was particularly interested in understanding Ondo’s public-private partnership framework and identifying sectors where British expertise could complement the state’s economic agenda.
