Ondo State has taken a major step toward industrial transformation as it signed a landmark $50 billion investment agreement with a consortium of international firms under the Sunshine Infrastructure Joint Venture (SIJV) to build a large-scale refinery and free trade zone in Ilaje Local Government Area.
Governor Lucky Aiyedatiwa’s Chief Press Secretary, Ebenezer Adeniyan, confirmed the development in a statement on Wednesday, noting that the consortium includes Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.
Aiyedatiwa, who received the investors on Tuesday in Akure, described the partnership as a strategic milestone in his administration’s vision to position Ondo as a major industrial and energy hub in Nigeria.
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 said.
According to the agreement, the Sunshine JV has secured over $50 billion for the establishment of a 500,000-barrel-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone.
The funding followed the successful signing of a Memorandum of Understanding between the consortium and the Ondo State Investment Promotion Agency (ONDIPA).
Governor Aiyedatiwa pledged that his administration would ensure transparency, protect investor confidence, and sustain a business-friendly environment.
He said his government’s industrial policy focuses on infrastructure, energy, and private sector partnerships that promote sustainable growth.
The Managing Director of Sunshine Infrastructure JV, Henry Owonka, said the initiative had evolved from concept to execution through years of engagement with the state government.
He revealed that the original $30 billion project value was expanded to $50 billion to include broader infrastructure, logistics, and community-focused development components.
The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods, Owonka said.
He added that the refinery would produce petroleum products for domestic consumption and export, helping Nigeria reduce import dependency and improve energy security.
The consortium’s Corporate Social Responsibility (CSR) plan will focus on education, local employment, and infrastructure support in Ilaje and other surrounding communities.
Economic analysts say the project could become one of Nigeria’s largest subnational industrial undertakings, potentially rivalling similar investments in Lagos and Ogun States.
The development is also expected to boost the state’s internally generated revenue, stimulate ancillary industries, and enhance regional trade under the African Continental Free Trade Area (AfCFTA).
The proposed free trade zone will host logistics hubs, manufacturing clusters, and export terminals a move experts believe will position Ondo as a major player in Nigeria’s non-oil export drive.
Governor Aiyedatiwa said his administration remains committed to fostering public-private partnerships that support long-term prosperity.
We are deliberately creating an environment where investors can thrive and communities can benefit. This project reflects our belief that economic growth must be inclusive and sustainable, he said.
