With a landmass of about 15,000 Square Kilometers,  a population of about3.5 million and a red- hot hub for mineral and natural resources, Ondo State inspires extreme reactions, especially among multinationals contemplating doing business there.

At one end of the spectrum is the geographical location and its ocean front with the longest coastline in Nigeria and at the other is the God given Natural resources and the provision of a Visionary Leader to manage these endowments. This view accurately reflects the economic realities and market dynamics at work in Ondo State today.

For a better understanding of both the challenges and enormous opportunities this market represents for local and international investors alike, I seek to place Ondo State’s remarkable economic story in the larger context and to also look at two critical issues that are helping to define those economic realities and reshape the market landscape. The conception of the Olokola Free Trade zone and the lightning speed of work in the area in the last three years will reveal to the world not only a boldly refashioned state but an indication of what is to come. That the state government achieved so much and overcame so many obstacles in such a short time strongly suggests that this momentum and progress will continue unabated.

Simply put, ondo state has created an environment in which foreign investment is welcome and foreign companies can make astronomical returns on investments. In the words of President Goodluck Jonathan on November 12, 2010 during a visit to the OKLNG project site “if Nigeria is to realize her ambition of being one of the biggest economies by 2020, the OKLNG Project must be a part of the dream”.  This reiterates the importance of Ondo State in Project Nigeria and its effect on world economy.

In Natural Resources, Ondo State has Extensive fertile soil suitable for agriculture with sub-savannah forest suitable for cattle grazing in the northern fringes. Vast forest resources, variety of timber species ranging form Teak to Gmelina, to cash crops such as  Rubber, Cashew, kolanut, Oil palm and  the  largest producer of Cocoa in Nigeria. The state is blessed with large quantities of  minerals  from Oil and Gas to Bitumen which is the world’s second largest deposits, from Quart Sand to Clay, Granite, Limestone, Talc, Kaolin, Coal, Columbite, Rock, with Ocean fronts and the longest Coastline in Nigeria. All of these are waiting to be explored and exploited maximally.

The Executive Governor of the State, DrOlusegunMimiko within three years in office has transformed the rustic and sleepy nature of the State economy into a cynosure of all eyes as promised at inauguration.In the health sector,there is the Abiyeprogramme which is comprised of the Africa Mother and Child hospital that has taken 11,000 deliveries in 2 years; all free of charge. By the administrations aggressive Urban Renewal Programme, the capital has been transformed into a modern state capital. Developmenst which covers towns across the state with the construction of numerous Caring Heart Mega Schools,Neighbourhood Markets, International Auto Mart, Mechanic Village, Shopping Complexes. All these are designed to ensure that Ondostate  serves as a condusive environment for trade and investment.

The construction and dualization of various roads across the state gives unhindered access to the teeming resources that abound in the state amongst other viable developmental projects. The  industrial and commercial sectors also has  a new face by completing the 25 year-old abandoned Tomato Factory, Alpha 3D Company, creating the Ore Sunshine City  to mention a few . Wealth creation through the engagement of 15, 000 graduates working at the Agric Villages at Ore ,Epeand AugaAkoko, establishment of Skills Acquisition Centres across the 18 local government areas of the state.This ensures that there will be qualified personnel for potential investors to tap into when required as well as affordable labor costs.

Idanre Hills has been transformed  intoa “Mecca” of sort with the conceptualization of the “Mare” festival which serves as an annual global tourist attraction. This climbers haven now serves as a mountain climbing activity which is a place of delight to foreigners throughout the year. These are all available so as to boost the local economy via tourism.

So if development is about economic growth, modernisation, distributive justice and socio-economic transformation, Governor OlusegunMimikohas lived far beyond expectation in a very short time.Infrastructural development and economic development have been used interchangeable mainly because much of development has to do with economic issues as well as social/welfare matters. The assumption has always been that development cannot be mutually exclusive thus giving credence to the idea that this cannot be isolated from economic growth.   The socio-economic context of development implies modernisation,  a process whereby a society is reoriented in its structure, institutions, values, and behavioural patterns. Modernization is said to be a complex human relations as well as the generation and utilization of technological resources to change the quality of human life. To this effect, while many telecommunications companies are struggling to finance or even come to terms with the need for fibre optic cable, the State Government has concluded on plans to lay Fiber optic cable across the state which is quickly becoming the industry standard in computer networking and telecommunications to transmit audio, video and voice data. This is designed to revolutionize telecommunication in the state and enhance investment opportunities.

Ondo State has partnered with the US State of  Maryland to lay the ground work for bi-lateral relations. The Sister State partnership is to provide an opportunity forOndo State and the State of Maryland, USA  to further enhance cultural and socio economic exchanges and to promote international trade between the United States of America  andOndo State. This synergy  could only have happened because of the creation of an enabling environment  and conducive atmosphere for various spheres of investment  in the state.

Is it a coincidence or a deliberate act of God that these richly endowed state has been entrusted in the hands of a visionary leader to open it up and show the world the things that are abound in this economic time bomb? I say it is a deliberate act of God. The fundamental underlying lesson here goes to the heart of the gradual emergence of Ondo State as a market economy.

BalarabeAkinwumi Esq