Ondo State Governor Lucky Aiyedatiwa has signed two major Memoranda of Understanding (MoUs) involving a multi-billion-dollar petrochemical plant and a strategic deep-sea port.
This was a move to pivot the state from a civil service-dependent economy to a private sector-led industrial hubThe agreements were the highlight of the Ondo State Investment Summit 2026, held on Monday at the International Centre for Culture and Events (The Dome) in Akure.
The summit coincided with the first anniversary of Aiyedatiwa’s administration, serving as a platform to unveil the “OUR EASE” agenda—a policy framework designed to simplify business processes and accelerate industrial approvals.
The state government solidified its commitment to industrialisation by signing a deal with Resident Fertiliser for a $4 billion petrochemical fertiliser plant to be situated in the Southern Senatorial District.
Additionally, an MoU was inked for the Ondo Deep Sea Port.
Under this Public-Private Partnership (PPP) concession framework, the state will retain a 12.5% equity stake, while partnering firms will hold the remaining 87.5%.
The port, featuring a natural draft of 16.5 to 18 metres, is designed to accommodate large commercial vessels and will be integrated with the Sunshine Industrial City, a 2,771-hectare Free Trade Zone.
Addressing a gallery of international investors and diplomats, Aiyedatiwa declared that the state is no longer merely seeking potential, but is offering “structure, certainty, and political will.”
READ ALSO
“Ondo will no longer rely predominantly on civil service structures,” the governor stated.
He emphasised that the state’s 75-kilometre Atlantic coastline, vast bitumen deposits, and agricultural dominance in cocoa and oil palm make it a “frontier opportunity” for global capital.
He pledged that by the 2027 summit, the state would present “implemented projects and demonstrable economic impact” rather than just proposals.
The summit drew high-level endorsements from across the federation.
Senate President Godswill Akpabio represented by Senator Jimoh Ibrahim, lauded the governor’s first year in office, advising him to “ignore criticism” and focus on a legacy of strategic achievements.
Abike Dabiri-Erewa, CEO of NiDCOM, challenged Nigerians in the diaspora to transition from sending mere remittances to engaging in “industrial ventures.”
She described investing in the homeland as an “economic imperative.”
Tope Fasua, Special Adviser to the President highlighted the state’s strategic position along the Lagos-Calabar Expressway corridor and urged for the reinvestment of wealth within the state.
Summy Smart Francis, Special Adviser on Entrepreneurship, and Engr. Rasaq Obe, DG of the Project Performance and Implementation Monitoring Unit (PPIMU), both characterised the summit as a “turning point” for the state.
They noted that Ondo remains the food basket of the South, ranking as a top producer of cassava and premium cocoa globally.
The event was attended by top dignitaries, including Deputy Governor Olayide Adelami, First Lady Esther Aiyedatiwa, and various heads of security and judicial arms, signalling a unified front for the state’s new economic direction.
