Business
Ondo Governor Approves $42m Agricultural City Project
Ondo Agricultural City project approved by Governor Aiyedatiwa, creating jobs and boosting agriculture with KONIG Agriculture’s $42m investment.
Ondo State Governor Lucky Aiyedatiwa has approved the establishment of Ondo Agricultural City in Iju-Agbonrin/Ori-Ohin, Ose Local Government, through KONIG Agriculture Ltd, a $42 million initiative aimed at boosting agriculture and local economic development.
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The project, implemented under the Federal Government’s Framework for Responsible and Inclusive Land-intensive Agriculture initiative, was formalised after the signing of a land-lease contract between community landowners and KONIG Agriculture Ltd, with the state government acting as guarantor.
State Commissioner for Agriculture and Forestry, Leye Akinola, said the initiative would stimulate agricultural growth, create employment opportunities, and reduce insecurity in the host communities.
“Governor Aiyedatiwa will continue to welcome and partner with reliable investors in the agricultural sector,” he stated, noting that the Ministry of Agriculture and Forestry would support both investors and landowners to ensure the project’s success.
Akinola further explained that the Northern Senatorial District would experience an agricultural revolution, with the revival of the moribund Akunnu cattle ranch, previously constructed by the old Western Region, as part of the broader investment strategy.
Permanent Secretary of the Ministry, Foluke Tunde-Daramola, appealed to community leaders to prepare youths and women for employment opportunities, emphasising that the project would help eliminate local joblessness.
KONIG Agriculture Ltd project lead, Oluwasegun Saliu, praised the state government for attracting the investment.
He revealed that over 60 per cent of the workforce would come from the host community, and the company would implement corporate social responsibility initiatives including boreholes, solar power, and a health facility accessible to the public.
Representing the FRILIA initiative, Justina Arogundade highlighted that the project adheres to principles of sustainable, responsible large-scale agriculture.
She said the framework ensures a “win-win” outcome through community consultation, environmental and social sustainability, and fair compensation, benefiting both investors and local communities.
Also read: Ondo Government Honour Aregbesola With Cultural Award
The Ondo Agricultural City project signals a major push by the state government to position agriculture as a catalyst for economic growth, employment generation, and food security.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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