The seaport is expected to gulp about $ 1 billion (about N461 billion), with the fund sourced through a public-private partnership.
The Ondo State Governor, Oluwarotimi Akeredolu, has explained the economic implication of the federal government's approval to construct a deep sea port in the state.
Mr Akeredolu said the port would put Ondo State on the path of economic prosperity, adding that it was an impressive parting gift from the Buhari administration.
The Federal Executive Council, presided over by President Muhammadu Buhari on Wednesday, approved an operating licence for the port.
The effort to get the federal government's nod for the project had been ongoing for several years but received a push from the Akeredolu administration.
The seaport is expected to gulp about $ 1 billion (about N461 billion), with the fund sourced through a public-private partnership.
In a statement on Thursday by his Chief Press Secretary, Richard Olatunde, the governor said actualising the port project was very important to the state government.
"Port Ondo is one of the most important projects of this administration," he said.
"We are determined and committed to actualising this project that will set our state on the path of economic prosperity.
"Our dream for this port of Ondo is to serve as a conduit for our goods, agricultural produce, and very soon, our bitumen.
"It is the goal of this administration to ensure that the potential of Ondo State is maximised and that all necessary infrastructure required to make this a reality is put in place to achieve this."
Mr Akeredolu, while thanking the president, also appreciated the Minister of Transportation, Mu'azu Sambo, for his intervention and commitment. He said that the people of the state were grateful for his services as history would be kind to him.
"We equally noted with candour, the role of the Minister of State for Transportation, our own, Prince Ademola Adegoroye," he said.
"Your impactful struggles and efforts have started yielding enduring fruit of development. Indeed, you have proven to be a true representative of your people. Your doggedness is admirable.
"We also appreciate everyone who has, one way or the other, contributed to the process of getting this approval. It is just a phase. We expect that this development will renew our vigour and drive our passion to deliver the Port Ondo project.
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"Like we say, we are planting a tree, under which shade we may not rest. Nevertheless, it is a worthy cause for the generation yet unborn. We are committed to any effort that targets the good of the next generation."
Also, a chieftain of the All Progressives Congress (APC), Olusola Oke, said the current shape of the global economy and its corollaries had renewed the need to expand the government revenue base at all levels to foster purposeful development.
He said any effort in the direction of industrialisation leading to job creation was a timely response to the issue of development and growth desires by all.
"This is how the approval of the Seaport must be regarded as a great accomplishment by all who genuinely crave the greatness of Ondo State," Mr Oke said.
He commended the efforts of the governor and others who worked to ensure its realisation.
The Nigerian Ports Authority (NPA) has expressed commitment to implementing the project.
Its managing director, Mohammed Bello-Koko, gave the assurance when he received the Full Business Case for the port two weeks ago in Lagos.
"The NPA has consistently restated its readiness to provide requisite technical guidance for the establishment of new ports in line with global best practices," he said.
"In keeping with NPA's commitment to creating an enabling atmosphere for the construction of more deep seaports, the Ondo State project will come to fruition."
