Ondo State is endowed with abundant natural resources ranging from favourable climatic conditions for crop production to huge mineral deposits, rich forest resources and with the longest coastal line of over 180km in Nigeria and Akure is its capital city.Akuure has a fairly large population of 7.4 million people suggesting a potential for high output. Its economy which is sixth largest in Nigeria, is dominated by Agriculture, abundant natural resources among others.
These abundant resources coupled with the state’s location and safety make it attractive to investment in a number of areas. Sectors of great potential within the state are; mineral resource exploitation, agriculture and agro-processing, tourism and infrastructure provision.
Indeed the most important investment advantage of Ondo State is the fact that the State is the Most Peaceful among fellow comity of States in the SouthWest region in Nigeria. This factor coupled with the sincerity, ingenuity and Investment friendly policies of the Ondo State Government is perhaps responsible for the high rate of Investors, Donors and Partners thronging the State to have a feel of a realistic investment situation currently being experienced in the State.
Mineral Resources in Ondo State….
Ondo State is blessed with mineral resources such as bitumen and other resources that can be mined and shipped out at viable cost. Oil & Gas in its state in Ondo State has become a member of the Nigerian oilproducing states as petroleum is now extracted offshore (Ministry of Information & Culture, 1989).
, Ondo State produces 12% of Nigeria’s output. Other mineral resources found in the state are; Quart sand, Clay, Granite, Limestone, Talc, Kaolin, Coal, Columbine, Rock, Tin, River, Mineral deposits, Bitumen which is the 2nd largest in the world, Ocean fronts and the largest Coastline in Nigeria.
Natural Resources in Ondo State….
Extensive fertile soil suitable for agriculture with Sub- Savannah forest suitable for cattle grazing in the northernFringes. Vast forest resources, variety of timber species e.g. Teak, Gmelina, Manzonia e.t.c. Ondo State is the largest producer of cocoa in Nigeria, other cash crops grown in the state include Rubber, Cashew, Kola nut, oil palm etc.
Agriculture is the dominant occupation of the people of Ondo State providing income and employment opportunities for over seventy percent of the population. It also contributes well over sev entyfive per cent to the state's Gross Domestic Product (GDP).
The main revenueyielding crops are cocoa, palm produce and timber. In fact, Ondo region is now the core of the Nigerian cocoa belt accounting for well over sixty per cent of Nigeria's annual output. In order to make cocoa contribute more to the economic viability of the state, a Cocoa Products Company Ltd. has been established in lle Oluji. Indeed, in 1988, as a result of the economic policies of the Babangida administration, cocoa farmers and traders had a field day in cocoa busi ness as they became very rich because cocoa prices were subject to market forces.
Industrialisation is rapidly taking place in the state. At present, the major industrial ventures include the Okitipupa Oil Palm Mill Pie at Okitipupa, NIROWI at Ondo, Cocoa Products Company Ltd. at lleOluji and Oluwa znGlass Company Pie at lgbokoda. Others include the Nigerianltalian Ceramics Factory at lfon, Alpha Paper Industries at ArigidiAkoko, Ondo State Asphalt Company at Aponmu, AraromiAyesan Oil Palm Pie at AraromiObu and Foam Industry at Akure, to mention but a few.
A survey has shown that the number of private establishments employ ing more than five people and above is on the increase. While in 1980, the number of the latter was about 960, by 1992, the number was more than 2,830, with Akure having over 950. By September 1999, it is estimated to have grown to over 3,500, with Akure having over 2,000.
Local Sourcing of Raw Materials: Many small and largescale industrial concerns now depend almost entirely on local raw materials.
Compiled by Adewale Adeosun
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