THE LUCKY STRIDES
300 days of laying solid foundation for development in Ondo State (9)
ECONOMY:
Attracting foreign investments
and boosting local businesses
HIGHLIGHTS
- Reduction of domestic debt by 77 percent
- Engaging foreign investments for moribund industries
- Disbursement of N220m to artisans and local businesses
- Preparations to host Global Entrepreneurship Summit
Laying the foundation for the growth of the economy of Ondo State is the crucial decision of the administration of Governor Lucky Orimisan Aiyedatiwa to reduce the burden of debts on the state. Data from the Debt Management Office (DMO) earlier in the year revealed a significant decrease in the domestic debt of Ondo State for the first quarter (Q1) of 2024, recording an impressive reduction of 77 percent.
This is just as Governor Aiyedatiwa has expressed the commitment of his administration to attract foreign investments to further boost the state's economy. When he received the Deputy Mayor of the Linyi Municipal People's Government of Shandong City, China, Sun Deshi and his team in Akure, in May, the Governor noted that Ondo State is rich in natural and human resources.
The Governor also affirmed the continuity of the working agreement signed by the late Governor Oluwarotimi Akeredolu with the Chinese city for the operation of the Ondo-Linyi Industry Park in Ore, Odigbo Local Government Area, promising the Chinese delegation the maximum support of government.
In his address, Deputy Mayor Sun Deshi of Linyi Municipal People's Government expressed China's interest in collaborating with the Ondo State Government to expand the already established companies, emphasizing China's expertise in technology, agriculture, and construction. Ms. Yan Yuqing, the Consul-General of the People's Republic of China in Lagos, also promised to expedite more business opportunities in Ondo State.
The Governor had disclosed that his administration is engaging investors to revive Ifon Ceramic Company, Okitipupa Oilpalm Limited and other moribund industries across the State. The Governor said the decision to revive the companies is hinged on the determination of his administration to provide employment opportunities for the youth and enhance the economy of the State.
According to him, this is in addition to the ongoing efforts to reach agreement with other investors in developing the Sea Port, bitumen exploration and waste to energy initiative. He added that the development of the Ondo Seaport, construction of Araromi to Lekki road and the newly flagged off Lagos-Calabar Coastal Highway, which will pass through the port corridor, will boost the Bitumen exploration venture.
Already, the Owena Bitumen Exploration Nigeria Limited led by Alhaji Musa Ibrahim Mantu, the chairman of the company, is offering to explore bitumen in the State by deploying advanced bitumen technology with the support of world-class partners within the next 12 months.
Meanwhile, in order to boost small scale businesses and improve the economy, the Ondo state government has commenced the disbursement of Two Hundred and Twenty Two (N220m) million naira to artisans and small business owners in the state. Performing the symbolic presentation of cheques to the beneficiaries in Akure, the governor acknowledged the influence of artisans, Micro, Small and Medium Enterprises (MSMEs) on the overall growth of the economy.
Represented by his deputy, Dr. Olayide Adelami, the governor said the soft loan is one of his government's strategies to boost the economy of the state, said apart from empowering the people with loans, his administration has demonstrated unwavering commitment to various policies, programmes and initiatives aimed at uplifting the people.
Meanwhile, the state government is preparing to host the Global Entrepreneurship Summit, an event that is expected to attract foreign and local investments and boost the economy of the state.
Prince Ebenezer Adeniyan,
Chief Press Secretary to the Governor of Ondo State.
