Ondo Government, Investors Seal $50bn Deal On Refinery, Free Trade Zone

The Ondo State government, led by Governor Lucky Aiyedatiwa, has formalised a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV) to position the state as a major industrial hub in Nigeria.

The deal involves global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour and Honeywell OUP, under the Sunshine Infrastructure Joint Venture.

The Joint Venture had secured over $50 billion for the development of a 500,000-barrels-per-day refinery and a 1,471-hectare sunshine Free Trade Zone (FTZ) in Ilaje local government wrea of the State.

The funding followed the successful execution of the Memorandum of Understanding (MoU) between the Joint Venture and the state government through the Ondo State Investment Promotion Agency (ONDIPA).

Receiving the investors at the Governor’s Office in Akure, Governor Aiyedatiwa described the partnership as a strategic step towards sustainable industrialisation and long-term economic stability.

“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 said.

He assured the investors of his administration’s commitment to transparency, a conducive business climate and full protection of their investments.

Governor Aiyedatiwa noted that his government had been deliberate in implementing policies that promote ease of doing business, adding that the project would stimulate productivity and economic growth across multiple sectors.

The Managing Director of Sunshine Infrastructure JV, Mr Henry Owonka, said the initiative had progressed from conception to execution through consistent engagement with ONDIPA.

He explained that the project’s initial $30 billion valuation was reviewed to $50 billion following an expansion to cover broader infrastructure and community-driven programmes.

“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 will supply petroleum products locally and internationally, while its corporate social responsibility (CSR) focuses on education, local employment and infrastructure development in surrounding communities.

He revealed that the investors would introduce social programmes focusing on healthcare, youth empowerment and skills acquisition to ensure inclusive growth.

A representative of one of the partners in the consortium, A. Clement, said the group had already begun preparations before arriving in Ondo State. He explained that beyond the oil refinery and free trade zone, the investment would drive industrial, agricultural, aviation and healthcare development.

According to him, the aim was not just to reciprocate the state government’s support but to ensure a full transformation of Ondo State, adding that the consortium’s partners, who had visited project sites, were excited and ready to contribute to the state’s economic growth.

The consortium’s chairman and former Senate President, Ken Nnamani, who had earlier visited the governor in a separate meeting, was commended for his leadership role in the project, which stakeholders described as a model of credible public-private partnership (PPP).