The Convener of the OWN ONDO 2028 Project, Prince Adeloye, has renewed the call for the commercial development of Ondo State’s vast bitumen deposits, describing the resource as one of the state’s greatest untapped economic assets capable of transforming the fortunes of millions of residents.
Adeloye said the time has come for Ondo State to move beyond discussions and take deliberate steps towards harnessing its world-class bitumen reserves through strategic partnerships with credible local and international investors.
According to him, available studies indicate that Ondo’s bitumen possesses commercially attractive qualities, including higher API gravity, lower sulphur content, lower viscosity and lower asphaltene content—features that can reduce refining costs, improve extraction efficiency and make the resource highly competitive in the global market.
He noted that the issue is no longer whether Ondo State possesses the resource, but whether there is sufficient vision, strategic thinking and the capacity to unlock its enormous economic potential for the benefit of the people.
Adeloye emphasized that his position is not driven by politics or personal ambition but by a genuine desire to see Ondo State maximize its natural endowments for economic transformation and sustainable development.
He explained that although Ondo State has one of the lowest multidimensional poverty rates in Nigeria, with about 27 per cent of residents classified as multidimensionally poor, thousands of young people still struggle to secure quality employment and economic opportunities. He argued that the state’s abundant natural resources should be leveraged to ensure poverty continues to decline while creating sustainable livelihoods for future generations.
According to him, the commercial exploitation of the state’s bitumen reserves has the capacity to transform Ondo into one of Nigeria’s leading industrial and investment destinations if pursued with determination, transparency and long-term planning.
“As someone whose professional engagements extend beyond Ondo State, I understand how global investors think and what they look for before committing resources. We cannot continue waiting for investors to discover Ondo on their own; we must deliberately take our investment opportunities to them with a compelling vision and credible policies,” he said.
Adeloye stated that his exposure, professional relationships and extensive network within and outside the state position him to facilitate strategic engagements with reputable investors, development partners and industrial players capable of bringing the capital, technology and expertise required to develop the bitumen industry.
He stressed that unlocking the bitumen sector would not simply generate revenue for government but would establish an entire industrial value chain, including asphalt production plants, petrochemical industries, construction materials manufacturing, logistics hubs, equipment maintenance services and other allied businesses capable of creating thousands of direct and indirect jobs for Ondo youths.
According to him, such investments would significantly boost the state’s internally generated revenue, stimulate local businesses, encourage technology transfer, reduce Nigeria’s dependence on imported bitumen and position Ondo as a strategic industrial hub in Nigeria and West Africa.
Adeloye further explained that bitumen development should be integrated with other major economic projects such as the proposed Deep Sea Port and the Olokola Free Trade Zone, creating a robust industrial ecosystem capable of attracting billions of naira in private investment and accelerating economic growth across the state.
He described the initiative as a forward-thinking economic agenda designed to confront unemployment through industrialisation rather than dependence on government employment alone.
“Young people do not need promises; they need opportunities. Every functional bitumen processing plant, every manufacturing facility and every supporting industry that emerges from this resource will create employment, empower entrepreneurs and strengthen the local economy. This is how societies build lasting prosperity,” he stated.
The OWN ONDO 2028 Project Convener stressed that the conversation around bitumen should not be viewed through a political lens but as a call to action for government, investors, financial institutions and development partners committed to the future of Ondo State.
“Ondo State has what many economies around the world are searching for. What we need now is bold leadership, strategic partnerships and the courage to pursue opportunities that will industrialise our economy, reduce poverty, tackle youth unemployment and improve the standard of living of our people. This is not about politics; it is about capacity, vision and action,” he said.
Adeloye reiterated his commitment to championing initiatives that will connect Ondo State with credible investors and development partners, expressing confidence that with purposeful leadership, strategic engagement and sustained collaboration, the state’s enormous bitumen wealth can become a catalyst for industrialisation, youth empowerment and long-term economic prosperity.
