Ondo agency to generate N600m from new investments

Ondo State Development and Investment Promotion Agency (ONDIPA) is targeting to generate N600 million in 2019.

Emmanuel Omomowo, the secretary to the agency said they surpassed their targeted in 2018 with about 300 percent when it made N118 million against the N53 million target given. The agency is given a target of N260 million this year.

Adeola Alonge, head of investment promotion, said they were optimistic of surpassing this year’s target. According to him, the agency since its inception in 2017 has contributed to the development of the state, creating and promoting air transport system within the state. He said agency has increased the flight schedules to Abuja and Lagos from three times to six times a week for Abuja route and created that of Lagos on a daily basis.

He added that the agency has put up some data in place to present to the Federal government for approval of the deepsea port any moment from now. He also confirmed signing several memoranda of understanding with credible investors for sugarcane value chain project, ethanol, egg powdering, rice production, among others.

While speaking on investment promotion, Alonge said that government was oil palm, bitumen, lime stone, cocoa, and rubber to add value to the state economy.

“We have various products and our investment does not end at a particular table. We are promoting lime stone so as to get cement factory, oil palm to get more investment in the oil palm sector, cocoa value addition for chocolate, we have rubber and we are encouraging the rubber company,” said Alonge.