The Ondo State Government has formalised a $50 billion investment agreement with a global consortium under the Sunshine Infrastructure Joint Venture (JV), a move poised to transform the state into a significant industrial hub in Nigeria.
The deal, aimed at driving sustainable industrialisation and long-term economic stability, was sealed yesterday following a meeting between Governor Lucky Aiyedatiwa and the international and local partners in Akure.
The $50 billion investment was secured for the development of two major projects in the Ilaje Local Government Area.
These include a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone (FTZ).The international consortium leading the project includes global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.
The funding follows the successful execution of a Memorandum of Understanding (MoU) between the Joint Venture and the state government, facilitated by the Ondo State Investment Promotion Agency (ONDIPA).
Receiving the investors, Aiyedatiwa hailed the partnership as a “strategic step” that marks a “new dawn” for the state.
“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 stated.
He guaranteed the investors his administration’s commitment to transparency, a conducive business climate, and full protection of their investments.
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The governor noted that his government has prioritised policies promoting the ease of doing business, anticipating that the project will stimulate productivity and economic growth across multiple sectors.
Henry Owonka, Managing Director of the Sunshine Infrastructure JV, noted that the initiative has progressed efficiently from conception to execution.
He revealed that the project’s initial valuation of $30 billion was expanded to $50 billion to accommodate broader infrastructure development and community-driven social programs.
Owonka described the JV as a “development framework” intended to transform industries, strengthen communities, and improve livelihoods.
Beyond supplying petroleum products locally and internationally, the project’s Corporate Social Responsibility (CSR) will focus on: education, local employment and infrastructure development in surrounding communities.
A representative of the consortium, A. Clement, confirmed that preparations were already underway, adding that the investment would also drive industrial, agricultural, aviation, and healthcare development in the state.
The consortium’s Chairman, former Senate President Ken Nnamani, was commended for his leadership in modelling a credible public-private partnership.
