The Ondo State Government has signed a $50billion investment agreement with some international firms under the Sunshine Infrastructure Joint Venture.
The international firms involved in the deal include Backbone Infrastructure, MJ Care Investment Finance, China Harbour and Honeywell OUP, all under the Sunshine Infrastructure Joint Venture.
This was contained in a statement issued by Ebenezer Adeniyan, the Chief Press Secretary to the state governor, Lucky Aiyedatiwa, on Wednesday.
Adeniyan said Aiyedatiwa, who received the investors on Tuesday, described the partnership as a strategic step towards sustainable industrialisation and long-term economic stability.
He said the development would position the state as a major industrial hub in Nigeria.
The statement read, “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 between the Joint Venture and the state government through the Ondo State
In his remarks, the Managing Director of Sunshine Infrastructure JV, 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.
“The 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 focused on education, local employment and infrastructure development in surrounding communities.
Aiyedatiwa has been calling on investors to tap into the state’s abundant natural and economic resources, reaffirming his administration’s readiness to partner with the state.
The governor, who made the call while receiving the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, in October, described Ondo as a land of vast opportunities, telling the delegation that the state remains Nigeria’s largest cocoa producer, contributing about 40 per cent of the country’s total output.
He noted that Ondo was endowed with bitumen, coal, gold, gas and other mineral resources, alongside expansive arable land suitable for agriculture.