Governor Lucky Aiyedatiwa of Ondo State has formalised a $50 billion deal 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 of the state.
The deal involves international partners, including Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, operating under the Sunshine Infrastructure Joint Venture (JV). The initiative aims to position Ondo State as a major industrial hub in Nigeria, creating jobs and attracting more global investors.
The funding followed the signing of a Memorandum of Understanding (MoU) between the Joint Venture and the state government through the Ondo State Investment Promotion Agency (ONDIPA). The collaboration is seen as a major step toward boosting industrialisation and long-term economic development in the region.
Receiving the investors at the governor’s office in Akure, Governor Aiyedatiwa described the agreement as a strategic investment that would strengthen the state’s economic base. He said, “This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.”
The governor assured the investors of his administration’s commitment to transparency, a conducive business environment, and full protection of their investments. He explained that his government had introduced policies to promote ease of doing business in Ondo State and ensure that both local and foreign investors enjoy sustainable growth.
Aiyedatiwa added that the project would stimulate productivity across multiple sectors and enhance the state’s Gross Domestic Product (GDP), promoting inclusive growth. He described the project as part of the broader plan to expand infrastructure, drive industrialisation, and secure the state’s economic future.
Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, said the initiative had evolved from conception to execution through continuous collaboration with ONDIPA. He revealed that the project’s initial $30 billion valuation was reviewed upward to $50 billion after expanding its scope to include infrastructure and community-oriented programmes.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities and improve livelihoods,” Owonka stated. He said the refinery would produce petroleum products for both local and international markets, adding that its corporate social responsibility (CSR) plan would focus on education, employment, and infrastructure development in host communities.
Owonka also revealed that the consortium would implement social programmes centered on healthcare, youth empowerment, and skill acquisition to ensure inclusive and sustainable growth in the state.
A representative of one of the consortium partners, A. Clement, disclosed that preparations for the project had begun before their arrival in Ondo State. He stated that beyond the refinery and the Sunshine Free Trade Zone, the partnership would also drive industrial, agricultural, aviation, and healthcare development.
According to him, the goal of the investors is not only to reciprocate the state government’s support but to contribute meaningfully to the overall transformation of Ondo State. He added that the consortium’s partners, who had earlier visited the project sites, were impressed and ready to begin work.
The consortium’s Chairman and former Senate President, Ken Nnamani, who had previously met with Governor Aiyedatiwa, was praised for his leadership role in the project. Stakeholders described the Sunshine Infrastructure initiative as a credible model of public-private partnership that could serve as a benchmark for other Nigerian states.
Present at the event were the Deputy Governor, Dr. Olajide Adelami; Secretary to the State Government, Dr. Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; Head of Service, Dr. Bayo Philip; Commissioner for Infrastructure, Lands and Housing, Engr. Ayorinde Olawoye; and Commissioner for Physical Planning, Hon. Sunday Olajide.
Others in attendance included the Commissioner for Information and Orientation, Idowu Ajanaku; Director-General of Ondo State Radiovision Corporation (OSRC), Mr. Kenneth Odusola-Stevenson; Administrative Secretary of ONDIPA, Mr. Omomowo Emmanuel; and Director of Business Development, Mr. Femi Akarakiri.
