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 major industrial hub in Nigeria.
This was contained in a statement issued on Wednesday by the governor’s Chief Press Secretary, Ebenezer Adeniyan.
According to Adeniyan, 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 in Ilaje Local Government Area of Ondo 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)”, said the Statement.
Receiving the investors at the Governor’s Office in Akure, Governor Lucky Aiyedatiwa described the partnership as a strategic step towards sustainable industrialisation and long-term economic stability.
He assured the investors of his administration’s commitment to transparency, a conducive business climate and full protection of their investments.
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.
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.
A representative of one of the partners in the consortium, A. Clement, said 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 industrial, agricultural, aviation and healthcare development.
