Ondo deep seaport project receives FG’s approval

THE Federal Government has approved the Ondo State Deep Seaport project.

The project was approved at a meeting of the Federal Executive Council (FEC) presided by President Muhammadu Buhari on Wednesday, May 17.

A memo on the project, which was approved at the meeting, was presented by Minister for Transportation Mu’azu Sambo.

A statement released by the Chief Press Secretary to Ondo State Governor Olatunde Richard described the approval of the project as a momentous achievement for the state “as it comes after years of persistent efforts by the state government to establish a deep seaport”.

The statement noted that previous attempts to establish a deed seaport, particularly in the Olokola area of the state, had proved unsuccessful since 2004.

“The efforts were renewed by Governor Oluwarotimi Akeredolu upon his assumption of office as governor in 2017 and became intensified upon the appointment of an indigene of Ondo state, prince Ademola Adegoroye, as minister of state in the federal ministry of transportation in July 2022, just about 10 months ago,” the statement said.

“Akeredolu had submitted the proposal for the establishment of the port to the federal government, with a series of due diligence undertaken by both the state and federal governments.”

The statement added that the approval of the deep seaport comes as a boost to state’s aspirations to become a major player in the maritime industry. “With its strategic coastal location and abundant natural resources, the state is well-positioned to harness the benefits of this ambitious project.”

The statement noted economic analysts and experts have lauded the project’s potential to stimulate economic growth and generate employment opportunities.

According to projections, the project is expected to create thousands of direct and indirect jobs in various sectors, including logistics, manufacturing, transportation, and services.

The project also includes an industrial city designated as a free trade zone.

“The approval of the deep seaport is a transformative development for Ondo State,” an economist at the Federal University Oye Ekiti (FUOYE) Adebayo Adekunle said in an interview with The ICIR on Thursday, May 18.

“It will attract investments, boost trade volumes, and contribute significantly to the state’s GDP. The multiplier effect will extend beyond the port itself, benefiting ancillary industries and supporting economic diversification.”






     

     

    Earlier this year, Akeredolu had during a working visit to the communities where the project is sited in Ilaje Local Government Area of the state, said that the $1.3 billion seaport project will generate more than N500 billion investments to the state.

    While soliciting the support of the host communities and traditional rulers towards the actualisation of the project, the governor said that his administration had spent hundreds of millions of naira on the required studies carried out by local and international consultants.

    “The deep seaport and the industrial city project will attract massive investment to the state in particular and Nigeria in general. The one singular project that will change this state totally is the port. Building of the port alone will bring about N500 billion economic activities  to that area.

    “This is the most serious business and important projects we want to embark on as a government. Every other thing becomes secondary. We have spent millions of naira on the required studies. We don’t have the money but we will set aside as many projects as we can to get this port done so that the quality will meet the standard expected of us by the Federal Government.”

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