The Federal Government has approved the establishment of a deep seaport in Ondo State.
The project approval was given at a meeting of the Federal Executive Council (FEC) presided by President Muhammadu Buhari on Wednesday, May 17.
The memo for the approval was presented by the Federal Ministry of Transportation through the Minister of Transportation, Eng Muazu Jaji Sambo, following years of efforts by the Ondo State Government to establish a deep sea port, first at Olokola which failed to materialise since 2004.
Reacting to the approval in 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 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 project whic also includes an industrial city designated as a free trade zone is expected to 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.
