FIC Report (Ondo State) – The Federal Government has revalidated the Ondo Deep Sea Port license, a major milestone for Ondo State maritime and industrial development. The license was originally approved in 2023 but faced delays due to a naming error, which has now been resolved.
The revalidated license removes administrative encumbrances, providing legal certainty for full-scale development. The port is expected to:
I. Decongest Nigeria’s busiest Maritime corridor
II. Enhance cargo handling efficiency
III. Reduce vessel turnaround time
IV. Lower logistics costs
V. Attract foreign investors
VI. Create jobs and stimulate economic growth
The ports strategic location along the Atlantic corridor will boost non-oil export, improve pase of doing business, and attract foreign investment to the South- West and wider economy. The revalidated license provides clarity and confidence for investors, reinforcing Nigeria Nigeria’s readiness for large- scale Maritime investments.
Signed:
Ejowhoemu Vincent
FIC Akure
8th January, 2025
