As Ondo State Secures $1 Billion Investment in Bitumen Exploration, Promises Incentives for Local and Foreign Investors

Ondo State Governor, Lucky Aiyedatiwa, has announced that his administration is open to offering incentives to attract local and foreign investments into the state’s economy.

This announcement came during a courtesy visit from the management of Owena Bitumen Exploration Nigeria Limited, led by Alhaji Musa Ibrahim Mantu, which was made known in a statement released by the Governor’s Chief Press Secretary Ebenezer Adeniyan.

The company, which specializes in mining, refining, and processing of bitumen and other allied resources, has secured approximately $1 billion in financing from Europe to explore bitumen in Ondo State.

The company plans to deploy advanced bitumen technology with the support of world-class partners within the next 12 months.

Governor Aiyedatiwa expressed optimism about the partnership, noting its potential benefits, including employment creation and local economic stimulation.

He assured the delegation of the government’s cooperation, particularly in ensuring a secure and conducive business environment.

The development of the Ondo sea port, construction of Araromi to Lekki road, and the newly flagged off Lagos-Calabar Coastal Highway, which will pass through the port corridor, are expected to boost the bitumen exploration venture.

The Governor thanked the team for their interest in investing in the state and promised to review the proposal submitted by the company.

This investment is expected to create jobs and stimulate the local economy, and the state government is committed to supporting the company’s efforts.