Ondo Govt, Investors Seal Deal For $50bn Refinery, Free Trade Zone

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

The deal involves global partners, including 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 in Ilaje Local Government Area 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 complete 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.

A representative of one of the consortium’s partners, A. Clement, stated that the group had already begun preparations before arriving in Ondo. He explained that, beyond the oil refinery and free trade zone, the investment would drive the development of industries, agriculture, aviation, and healthcare.