Aiyedatiwa: Partnership will transform Ondo into Nigeria’s next industrial powerhouse…
The Ondo State Government has announced the signing of a $50 billion investment agreement with a consortium of international companies under the Sunshine Infrastructure Joint Venture (JV) to establish a major refinery and free trade zone in the state.
Governor Lucky Aiyedatiwa’s Chief Press Secretary, Ebenezer Adeniyan, disclosed this in a statement on Wednesday, saying the partnership marks one of the largest foreign direct investment commitments in the state’s history.
According to the statement, the international consortium includes Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.
Massive Industrial Project in Ilaje
Adeniyan revealed that the joint venture had secured over $50 billion in funding for the development of a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area.
He said the financing followed the successful execution of a Memorandum of Understanding (MoU) between the joint venture partners and the state government through the Ondo State Investment Promotion Agency (ONDIPA).
Governor Aiyedatiwa described the agreement as a strategic milestone in his administration’s drive toward sustainable industrialisation, job creation, and long-term economic stability.
“This investment marks a new dawn for Ondo State. It will accelerate industrial development, attract more investors, and create employment opportunities for our people,” the governor said.
He assured the investors of his administration’s commitment to transparency, a conducive business environment, and protection of investment interests, noting that the government had implemented several reforms to enhance the ease of doing business in the state.
From Concept to Execution
Speaking on behalf of the investors, Henry Owonka, the Managing Director of Sunshine Infrastructure JV, said the project had moved from the planning phase to execution through close collaboration with ONDIPA.
Owonka disclosed that the initial valuation of $30 billion was reviewed upward to $50 billion after the scope of work was expanded to include broad-based infrastructure development and community impact programmes.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods,” Owonka said.
He added that the planned refinery would supply petroleum products to both domestic and export markets, while its Corporate Social Responsibility (CSR) initiatives would focus on education, employment, and infrastructure development in surrounding host communities.
Boost for Ondo’s Economic Prospects
Observers say the project, once completed, could position Ondo State as a major industrial hub in Nigeria’s Southwest, leveraging its coastal location for global trade and export activities.
The development also aligns with the state government’s broader economic diversification strategy, aimed at attracting private sector-led investments into critical sectors such as energy, manufacturing, and logistics.
Governor Aiyedatiwa reiterated that his administration remains committed to building investor confidence and promoting economic sustainability across the state.
“We are deliberate about creating policies that drive investment and prosperity. Ondo is open for business,” he added.
