HISTORY OF ONDO STATE
Ondo State was created on February 3, 1976 from the defunct Western Region of Nigeria with its administrative capital in Akure. Also known as the ‘Sunshine State’, and with a population of about 5.3 million (2022 estimate), Ondo State is the 19th most populous state in the country covering a land area of approximately 15,500 square kilometers. It borders Ekiti State to the north, Kogi State to the northeast, Edo State to the east, Delta State to the southeast, Ogun State to the southwest, Osun State to the northwest, and the Atlantic Ocean to the south.
Population
5.3 million
GDP
$12 billion
Location
South West Nigeria 2022 est
THE ECONOMY
The State is an attractive investment destination offering a plethora of opportunities across various sectors. Ondo State is an oil-producing state but agriculture remains the mainstay of its economy; together, oil and agriculture generate 90% of the State’s Gross Domestic Product. Ondo State is responsible for 40% of cocoa export from Nigeria. It is a major producer of oil palm, cassava, rubber, mango and rice. Ondo State is also rich in mineral resources such as kaolin, limestone, bulk clay, silica sand, granite, and it has the largest deposit of bitumen in Africa.
- Ondo State is the epicentre of the estimated 42 billion barrels of oil equivalent bitumen deposit in Nigeria
BLUE ECONOMY
Ondo State has 75 kilometres of Atlantic coastline making it the longest unbroken seashore in Nigeria. A deep-sea port is to be located two kilometres off the coast with an adjacent Free Trade Zone development. Both provide a huge opportunity for global trading. Different species of fish, cray fish and shrimps are produced in commercial quantities from its inland waters. The State’s inland navigable waterways are also sources of tourism and transportation.
- Port-Ondo featuring a depth of 16.5 – 18m will efficiently handle large commercial vessels, providing a crucial link to global trade
- 2771 hectares Free Trade Zone development contiguous to the deep-sea port
POPULATION
With a population of 5.3 million (2022 estimate), Ondo State is ranked 19th out of the 36 states in Nigeria. It has a youthful, educated population that provides affordable labour for industrial activities. Ondo State’s considerable crop of educated elites has led to its classification as one of the most highly literate states in Nigeria. Investors can easily tap into this resource for their business.
ONDO - HISTORICAL POPULATION DATA
BUSINESS ENVIRONMENT
Ondo State is known for its peaceful, serene environment, and its people are highly hospitable. The state government is committed to nurturing a safe and favourable environment for business operations and family life.
- Generous tax incentives
- One-stop shop to assist investors with all investment needs
- Non-stuffy land registration process
- Ranked No 8 in World Bank subnational ease of doing business in 2020
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ONDIPA was structured to meet all corporate best practices to ensure seamless integration of potential investors, development partners and investments into the growth and development of the Ondo State economy.
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