As part of his move to develop the proposed Deep Sea Port in the Ilaje Local Government Area of Ondo State, Rotimi Akeredolu, Governor of the state, has signed a Memorandum of Understanding (MoU) with the Private Office of his Highness, Sheikh Dalmook Al Maktoum, who is a member of the Dubai ruling family.
Akeredolu signed the MoU on behalf of the state government as he seeks collaboration with the United Arab Emirates in developing Ondo State and widening its investment horizon.
Akeredolu was invited on Thursday to meet with the Dubai Secretary for Foreign Trade, Ministry of Economy UAE, Abdulla Ahmed Al Saleh to discuss opportunities and potential to tap in developing Ondo.
He and his team were also invited to meet with Sheikh Maktoum and the Dubai Port Authority team on the Portondo and the bigger economy of the state.
It was at the end of the successful meeting that Akeredolu signed a deal for the development of the proposed Deep Sea Port in the coastal area of Ilaje Local Government Area of Ondo State, the government having already completed a feasibility study.
The feasibility study prepared by the MTBS led by its Managing Director, Netherlands, Chime Asonye, and the firm’s project leader, Willem Slenderbroek, has been forwarded to the Nigeria Port Authority (NPA)
The Governor had mentioned during a courtesy visit of the Araromi Obu in Council that the NPA team would soon be in the state for assessment, after which the port declaration will be done.
In accordance with the terms of this MoU, the parties have expressed their intention to collaborate and work together on other business opportunities including setting up new conventional, renewable and hybrid power projects, including the potential to re-power existing power plants.
Other objectives of the MoU include exploring the potential to develop oil blocks and strategic storage terminals, developing cashless solutions for internally generated revenues (IGR) on direct assessment, and any other projects of mutual interest.