Governor Lucky Aiyedatiwa has announced that Ondo State has secured a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV) to transform the state into a major industrial hub in Nigeria.

The consortium includes global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP. The investment will fund the development of a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area.

The deal follows the signing of a Memorandum of Understanding (MoU) between the state government and the consortium through the Ondo State Investment Promotion Agency (ONDIPA).

Speaking during the signing of the MoU, Aiyedatiwa described the partnership as a milestone in his administration’s drive for sustainable industrialisation and economic growth.

According to him, “this investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people,”

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.

“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 (CSR) focuses on education, local employment and infrastructure development in surrounding communities.

He revealed that the investors would introduce social programmes focusing on healthcare, youth empowerment and skills acquisition to ensure inclusive growth.

A representative of one of the partners in the consortium, Afful 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.

According to him, the aim is not just to reciprocate the state’s support but to ensure a full transformation of Ondo, adding that the consortium’s partners, who had visited project sites, were excited and ready to contribute to the state’s economic growth.

The consortium’s Chairman and former Senate President, Ken Nnamani, who had earlier visited the governor in a separate meeting, was commended for his leadership role in the project, which stakeholders described as a model of credible public-private partnership.

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).

Present at the event were top government officials, including the Deputy Governor, Dr Olajide Adelami, and members of the State Executive Council.

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