Governor Lucky Aiyedatiwa has sealed a $50 billion industrial partnership with global investors to establish a mega refinery and Sunshine Free Trade Zone in Ondo State.
Ondo State Governor, Dr. Lucky Orimisan Aiyedatiwa, has signed a historic $50 billion investment agreement with an international consortium for the construction of a 500,000-barrel-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area.
The groundbreaking partnership, formalised on Wednesday, November 5, 2025, under the Sunshine Infrastructure Joint Venture (JV), brings together major development players including Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.
Coordinated by the Ondo State Investment Promotion Agency (ONDIPA), the project is expected to transform Ondo State into a major industrial and energy hub, creating thousands of direct and indirect jobs while boosting key sectors such as energy, agriculture, aviation, and healthcare.
Governor Aiyedatiwa, speaking at the signing ceremony, described the agreement as “a new dawn for Ondo State’s industrial future” and a strategic step toward sustainable industrialisation and long-term economic stability.
“This marks a new dawn for Ondo State’s industrial future. We are committed to creating a transparent, investor-friendly environment where industries can thrive. This partnership will deliver opportunities for our people and secure the economic future of our state,” Aiyedatiwa said.
Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, revealed that the project’s value was increased from $30 billion to $50 billion to accommodate expanded infrastructure, local content plans, and community empowerment programmes.
“This is not just an investment; it’s a development framework designed to transform industries, strengthen communities, and improve livelihoods,” he said.
The Chairman of the Consortium, and former Senate President Ken Nnamani, was lauded for his leadership in driving the deal, which stakeholders described as a model for credible public-private partnership capable of unlocking massive economic potential across Nigeria’s South-West region.
Other top officials present at the event included the Deputy Governor, Dr. Olajide Adelami, the Secretary to the State Government, Dr. Taiwo Fasoranti, and senior members of the state executive council.
The Ondo refinery investment marks one of the largest subnational industrial partnerships in Nigeria’s recent history and is projected to position Ondo as a leading destination for energy and manufacturing investments in West Africa.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
