Ondo signs $50bn refinery, free trade zone deal
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The Ondo State Government said, on Wednesday, that it had signed a $50bn investment agreement with a consortium of international firms under the Sunshine Infrastructure Joint Venture to establish a major refinery and free trade zone in the state.
Governor Lucky Aiyedatiwa’s Chief Press Secretary, Ebenezer Adeniyan, disclosed this in a statement on Wednesday, saying the consortium includes Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.
According to Adeniyan, the governor received the investors on Tuesday and described the partnership as a strategic step toward sustainable industrialisation and long-term economic stability.
Aiyedatiwa said the initiative is expected to position Ondo as a major industrial hub in Nigeria.
The statement read, “The Joint Venture had secured over $50bn 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 Investment Promotion Agency.
This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.
Aiyedatiwa assured the investors of his administration’s commitment to transparency, a conducive business environment and the protection of their investments, noting that his government had been deliberate in implementing policies that promote ease of doing business.
In his remarks, the Managing Director of Sunshine Infrastructure JV, Mr Henry Owonka, said the initiative had progressed from conception to execution through consistent engagement with the Ondo State Investment Promotion Agency.
He explained that the project’s initial $30bn valuation was reviewed to $50bn 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 added that the refinery would supply petroleum products locally and internationally, while its Corporate Social Responsibility programme would focus on education, local employment and infrastructure development in surrounding communities.
